ConocoPhillips (COP) has an average rating of overweight and mean price target of $144.32, according to analysts polled by FactSet.
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Petroleo Brasileiro SA (PBR), also known as Petrobras, said Monday that it will reduce domestic diesel prices starting Monday as part of a Brazilian government program aimed at cushioning consumers from higher fuel costs linked to geopolitical tensions in the Middle East.The state-controlled oil producer said it will lower its average diesel selling price to distributors by 0.3515 reais per liter, or 9.6%, to 3.30 reais per liter starting June 1.Petrobras sid the reduction is tied to a federal subsidy program designed to offset the reinstatement of Brazil's PIS and Cofins fuel taxes.
Prospex Energy (PXEN.L) signed a collaboration agreement with international scientific drilling initiative Investigating Miocene Mediterranean-Atlantic Gateway Exchange, or Immage, Land-2-Sea drilling project for its El Romeral gas and power project in southern Spain.Under the partnership, Immage will contribute up to $1.5 million for the gas and power projects-focused investor's planned coring and logging operations at El Romeral, according to a Monday filing. In exchange, Prospex unit Tarba Energía will provide access to the drilling sites and support the initiative's scientists in the recovery of cores and their transportation to the repository.Immage is investigating the impact of the Messinian Salinity Crisis on global climate.
BP (BP.L) is reducing its interest in the Browse natural gas project in Australia to 39.33%, Bloomberg News and Reuters reported Monday, citing an emailed statement.The British oil and gas company agreed to divest a 5% working interest in the AU$48.7 billion project to South Korean energy services provider GS Energy. The development is considered one of the biggest in Australia.BP did not immediately respond to a request for comment from.