alix: from conoco's perspective, when do you feel production plateaus?at question. depending on where you are in the lifecycle, that becomes a critical question. think ofike to do was the full lifecycle before we get started so we can understand what our plateau is paying for -- somewhere between 80 and 100,000 barrels of beer. a few years to go before we plateau there. we do not know where that will be. the permian is still in the barrier. still on the phase of working out how should we build these barrels. our philosophy is better to do it right then do it fast to make sure you are maximizing value. too early frost to establish with the plateau will be. gas --ou are utilizing how is that going? matt: there are parts that are shower and where it is shallower it is left gas dissolved in the oil, which may be a good thing because we want to sell oil, not gas. it turns out there's not enough gas dissolved in the oil. this is in the shallow parts of the offered. gase going back to inject and let it soak into the oil so it's wealth the oil up and then we flo

alix: is there an advantage to being a major like conoco or exxon versus the u.s. independent? tom: on the well performance side, there is no difference. we see the majors is not performing as well in their general areas as some of the independents. so there needs to be differentiation on the cost structure side. we've seen too much inflation, someone needs to do with that, but the majors will spend a lot of money up front and they need to have the well performance and commodity price behind them. alix: is it just the permian or some of the other basins? tom: it has been everywhere. the permian has the biggest wells. there are some areas quite exceptional. really this is the result of low , oil prices in the companies need to keep valuations up in the short term. alix: tom loughrey, thank you so much. appreciate that. coming up, gold miners not putting a ring on it. they agree to a deal. it is not a hostile takeover that barrett was looking for. we will have more, next. and, bob dudley gives his take on the oil market. >> you can feel it tightening of the market right now. the

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early in the day, what is now conoco was really >>. the big three players have not changed much. the big two are bp and exxon. >> you mentioned their influence over the legislature. what does that mean for regulations, regarding oil in the state. was always an enormous battle to get any new regulation in place and the trend really ran in the opposite direction. regulations tended to get looser, not tighter. most regulation having to do federal operation were in origin and focus. the regulations having to do with cleanup were fundamentally at the state level. that was part of the problem. regulations were a big part of the problem with the spill. the state oversight of cleanup is why the- that company that runs the system in wasce williamstown unprepared for cleanup. for the first three days or so, there was essentially no cleanup effort. -- they had three days of really good weather after that spill. they had this leg of oil spreading out from that tanker and nothing happened to clean it up. >> can we explain to the people who are watching, how does the oil process work? where do

early in the day, what was conoco was really are co-, but the big three players have not changed much. the big two are still bp and exxon. >> you mention the influence over the legislature. what did that mean for regulation of oil in the state it wasn mark stan: always in a norm us battle to get any new regulation in place. the trend tended to run the opposite direction. regulations tended to get looser, not tighter. to doegulation having with the operation of that tanker, the exxon valdez were federal in arjun and focus. the regulations having to do with cleanup on the other hand, were fundamentally at the state level and that was part of the problem. regulations were a big part of spill.blem in the the federal side, it was too loose. the state oversight of cleanup readiness was too loose and that is why the company that runs the sound in prince william was just unprepared for cleanup. so the first three days or so, there was essentially no cleanup effort. they had uncharacteristically had three days of really good weather. there was a glossy lake of oil spreading out from the tanker

the stock rose more than 3.5% to > conoco philips was upgraded. the analyst cites the potential for free cash flow generation. the stock rose a t fraction $68.14. >>>icron tech was downgraded at citi. they site soft revenue guidance released yesterday. today the ceo says he's focused on growing the profitability of the business. >> as long as we focus on our supply growth to be in line with demand, we believe in the portfolio of products with the technology advancements that we are making, thet portfolio t we are expanding we will definitely do well in terms of meeting the requirements of our customers and absolutely n maintaining our sharee market as well. >> citi's price target for the stock i$30. despite the downgrade the stock rose more than 9% to $43.99. >>> still ahead, wall street's >> i'mor robert frank in new city.ng on "nightly business report," did g just ll the suit? we'll take you inside one of manhattan' m top suitakers to find out what wall stree >>> facebook has admitted to inadvertently exposing the passwords belonging to hundreds

the xle, energy select eft, conoco, ex on, slumber j make up 50% of that. where did the xle get rejected at 65? i think there is an opportunity to shet short xle will refined risk oil may pop. i think there is technical damage done and i am not sure the global economy is going to turn on a dime least point. dollar traded at a high. strong dollar and crude high not so good together look out to june expiration, look at the xle, you could buy the xle june 63.56 buying one of the june 63 puts at 290 selling the 61 cost you two bucks breaks even at 61, maybe teen $5 between 6 # and 56 i look starring 56 for the downside of the xle. you are risking two bucks here this is a bit of macro trade the technicals don't line up and the fundamentals don't either. >> mike, what do you think of the trade? >> i like the trade for a couple of reasons first of all, think about oil prices we have been seeing rising amounts of crude oil in storage in kushing we have rising production in north america. already the largest producer in the united states. news today they expect the

conoco, exxon, quantico, slumber j, i'm looking at the xle, where did that get rejected -- 65. think to get short xle with the fine rick. we may get a grade deal, stimulus stuff, oil may pop. i think there's technical damage done i'm not sure the global economy's going to turn on a dime last point -- dollar, almost traded at a new 52-week high the strong dollar in crude oil not so good together i think you look to june expiration, you look at the xle, you can buy the xle, june, 63 ant 56, put spread, $2 for buying one of the june 63 puts at 190 selling one at 90 cents. it breaks even at 61, costs you $2 you can make between $5, between 61 and 56. i look targeting 56 to the downside in the xle. ultimately you're risking $2 this is a macro trade to me. the technicals don't line up and i don't think the fundamentals do either >> all right mike's in san francisco. mike, what do you think of the trade? >> i like the trade for a couple of reasons i mean, first of all, let's think about oil prices we have been seeing rising amounts of crude oil in storage, in cushing and if you think

huntsville gas station and the clerk made for a surprising turn of events.it happened early saturday at a conocoto police seth holcomb walked up to the counter to make a purchase.he leaves the store then comes back in as if to make a second purchase.that's when he pulled out a knife at the counter. what he didn't expect was that the clerk would pull out a machete of his own.holcomb tries to run away at that point.but the clerk remotely locks the door.that's when a full on knife fight broke out tearing up the store.holcomb eventually escaped the store by throwing something through the window but the clerk chased him outside.that's when the second suspect comes into play.lady nicholson was waiting outside the store near the suspect's car.she allegedly also pulled out a knife.when the clerk chased the first suspect out and also started fighting with the clerk holcomb ran back inside the store and took the cash drawer out of the register.but the clerk didn't make the suspect's getaway easy. pounding on their car with his machete he told police that he wanted to leave enough marks on the vehicleso th

and that i think conoco would have to support. now skateboarding will make its debut at the twenty twenty olympics in tokyo and the competition could feature one of the youngest athletes ever to compete at a games ten year old skye brown has made a shortlist of five skateboarders to receive special funding in britain as she tries to qualify for the lympics cheapie twelve years and twelve days when the games begin in july twenty twenty eclipsing the record set by a thirteen year old swimmer who competed in the one nine hundred twenty eight games in amsterdam now brown has to be ranked in the top twenty in the world to qualify but she has plenty of confidence to get her. little oh and we get to go level but even if i don't i'm just glad i got to be in the low paying . i i like absolutely young just because i want to show girls like as a last hour show i can do anything. what a sweetie while peter will be back with more at eight hundred g.m.t. and more on that feature story but for now and you back to elizabeth joe thank you very muc

i will be speaking with the coo of conoco, the head of shale natural gas and energy production. the big chill guys. they want to talk about new energies. they will be seeing if that is feasible and the cost for something like that. an interesting today -- an interesting day. david: always great to hear you in your element. that is alix steel reporting from houston. lisa: baruch is withdrawing its rack is withdrawing its hostile takeover bid from newmont. this is bloomberg. ♪ lisa: here is what i'm watching. barrick is withdrawing its $18 million hostile takeover bid for newmont. instead the companies are doing a joint venture around their nevada project. joining us on the phone is andrew cosgrove, bloomberg mining analyst. it seems like investors are looking at this as a bigger newmont for barrick the . can you walk us through what we know? the ownership terms are going to be 61.5% for barrick and the remainder for newmont. this compares to newmont's offer which had a 55/45 split. barrick was looking for something closer to 65%. there was upward movement for barrick in this case

week >>> on the oil and gas front we're watching shares of oil exploration and production company conocot. analysts upgraded shares to overweight, at neutral before. cited the underperformance of the shares and the ability for the company to generate strong, free cash flows even at lower oil prices, shares up 0.6% we'll end on the media side of things with fox, aka new fox, the fox assets weren't bought by disney, shares up a half a percent premarket. analysts at credit suisse started coverage of the company at fox news, fox sports with an outperform and slapped a $46 price target, they expect fox to post the fastest sales and profit growth in the media landscape in the next few years an well positioned for its contract renewal with the nfl. back over to you >> dom, thank you for that >>> at the conclusion of the fed's two-day policy meeting yesterday, jay powell delivered another dovish surprise to the market and reiterated his optimistic views about the economy. >> the data are not currently sending a signal that we need to move in one direction or another, in my view. in our sep proje