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ConocoPhillips, Murphy Oil Cut Spending, Take Write-Downs as Low Prices Boost Marathon Petroleum

ConocoPhillips, Murphy Oil Cut Spending, Take Write-Downs as Low Prices Boost Marathon Petroleum

SUGAR LAND--October 30, 2015--Researched by Industrial Info Resources (Sugar Land, Texas)--The dramatic plunge in commodity prices that has pummeled the global Oil & Gas Industry for more than a year continued to hit ConocoPhillips Company (NYSE:COP) (Houston, Texas) and Murphy Oil Corporation (NYSE:MUR) (El Dorado, Arkansas) in third-quarter 2015, with the latter citing a reduction of more than 50% in Brent and West Texas Intermediate oil prices from third-quarter 2014 as a driving factor. Both companies also reported steep write-downs, an indication that some of the companies' properties have lost significant value. Industrial Info is tracking $89.52 billion in active projects involving ConocoPhillips and $1.85 billion involving Murphy Oil.

Meanwhile, leading petroleum refiner Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) managed to overcome a dip in revenues to post stellar profits for third-quarter 2015, as lower commodity prices boosted demand for refined products. Executives said that a favorable refining environment allowed them to smoothly move refined products and feedstocks throughout the company's system. Industrial Info is tracking $3.09 billion in active projects involving Marathon Petroleum.

Within this article: Details on ConocoPhillips, Murphy and Marathon Petroleum's quarter and projects, including the construction of an LNG production plant in Texas; the construction of a bitumen oil production plant in Alberta; and upgrades at a refinery in Illinois.

Other companies featured: Jacobs Engineering Group Incorporated (NYSE:JEC), Hess Corporation (NYSE:HES), MarkWest Energy Partners LP (NYSE:MWE)