ConocoPhillips – Green Company?
Dec 1, 2008 – ConocoPhillips [NYSE: COP] has a new ad campaign where their name has the following tag line: “Energy for tomorrow” It states, “That’s why ConocoPhillips is working with Rebuilding Together to help homes and communities across our country become energy efficient.” And you thought they were just producing oil and gas to generate $187 billion in annual revenues. They do point out on their website that they are “developing four emerging businesses – technology solutions, carbons-to-liquids, power generation, and alternative energy and programs.” This is in line with all the major energy companies. They have all started late and with programs that have been too small. Luckily, ConocoPhillips and their competitors now see that they must have green energy programs ongoing within their companies even as the overwhelming majority of their revenues and income is derived from traditional energy sources. Whatever the reason they are pursuing these projects, it is critical for all of us because these companies have the cash flow to fund these projects without waiting for venture capitalists and banks to provide seed capital to startup companies that are solely focused on solar, wind or other alternative energy methods. After all that $187 billion annual revenue only makes ConocoPhillips the # 3 integrated energy company in the USA and fifth internationally.
