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ConocoPhillips

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111 stories mentioning ConocoPhillipsUpdated 2d ago

An oil producer pressured as crude fell on diplomatic progress with Iran, with Libya's refinery restart and a possible Norway offshore strike in the mix.

Commodities

US Land Drilling Activity Holds Firm Despite Minor Oil, Gas Rig Changes, RBC Says

US land drillers kept the active rig count unchanged at 572 over the week, with only minor shifts between oil and gas rigs, RBC Capital Markets said in a Sunday note.RBC said the Baker Hughes (BKR) US land rig count remained at 572. The US oil rig count fell by one to 436, while the gas rig count increased by one to 127, the note said.Oil rigs increased by eight over the month, while gas rigs added two. The Permian Basin lost one rig to 258, representing 59% of Lower 48 oil rigs and 45% of total US land rigs.RBC said Helmerich & Payne (HP) remained the largest Permian driller with 90 rigs, representing 33% of basin activity. Patterson-UTI Energy (PTEN) operated 33 rigs, accounting for 12%, while Nabors Industries (NBR) ran 29 rigs, or 11%.The note said Exxon Mobil (XOM) led Permian operators with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active rigs, up from 43% a year earlier.RBC said Eagle Ford activity remained unchanged at 47 rigs. Among drilling contractors, Helmerich & Payne led with 17 rigs, representing 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%.The note said ConocoPhillips (COP) led operators in the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share to 53% from 38% a year earlier.Haynesville added one rig over the week to 56. Among drilling contractors, Helmerich & Payne led with 11 rigs, representing 18% of the total, followed by Independence Contract Drilling with nine rigs, or 15%, and Nabors Industries with eight rigs, or 13%.Apex remained the largest operator in the Haynesville with 14 rigs, while Adamas operated seven and Expand Energy (EXE) ran five. Private operators accounted for 74% of active rigs, compared with 70% a year earlier.RBC said its oilfield services coverage group advanced 1.1% over the week, while West Texas Intermediate crude climbed 7.8% during the same period.The note said Element Technical Services posted the strongest weekly gain at 15.8%, followed by SLB (SLB) at 11.6% and NOV (NOV) at 6.4%.RBC said Halliburton (HAL) declined 5.3%, Atlas Energy Solutions (AESI) dropped 15.0%, and Liberty Energy (LBRT) fell 27.2%. Its oilfield services coverage group has gained 34.1% over the year, compared with an 8.9% increase in the S&P 500 Index.

$AESI$BKR$COP$CRGY$DVN$EOG$EXE$HAL$HP$LBRT$NBR$NOV$OXY$PTEN$SLB$XOM
Equities

Susquehanna Adjusts Price Target on ConocoPhillips to $155 From $152, Maintains Positive Rating

ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.46, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$COP
Commodities

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

$BKR$CHRD$COP$CRGY$CVX$DVN$EFXT$EOG$HP$LBRT$NBR$NOV$OXY$PDS$PTEN$XOM
Oil & Energy

US, Iraq Ink $60 Billion in Deals, MoUs During Business Summit

US and Iraqi companies, including energy majors and their respective governments have concluded deals and MoUs worth more than $60 billion during a US-Iraq Business Summit on Friday, the US Chamber of Commerce said in a statement.Energy executives from BP (BP), Chevron (CVX), ConocoPhillips (COP), ExxonMobil (XOM), Excelerate Energy (EE), GE Vernova (GEV), HKN Energy and Shell (SHEL) took part along with "top-tier" representation from both governments, the statement said.The event took place during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, DC.BP has agreed to sell a 42% interest in BP Energy Company of Kirkuk to ConocoPhillips to support redevelopment of northern Iraq's Kirkuk oil fields, as last week.ConocoPhillips will thus support redevelopment of four large-scale operational fields in the Kirkuk area of northern Iraq.Chevron will also invest in a pipeline that bypasses the Strait of Hormuz, opening up another export route out of Iraq, Jake Spiering, Chevron president of corporate business development, said during the event, according to a Reuters report.The proposed pipeline could carry Iraqi oil to Syria's west coast on the Mediterranean coast, the report said.Earlier on Thursday, Zaidi visited the company's headquarters in Houston, Texas before Iraq signed deals with the energy giant to advance its possible entry into the West Qurna 2 and Nassiriya oilfields, Reuters reported.

$BP$COP$CVX$EE$GEV$SHEL$XOM
Commodities

Operational Bottlenecks May Slow Venezuela's Oil Production Growth, Kpler Says

Operational bottlenecks could prevent Venezuela from reaching its 1.4 million barrels per day production goal this year, Kpler said in a Friday note.Venezuela plans to add about 200,000 b/d to current production by year-end. Kpler expects output to continue increasing but projects a lower level of 1.3 million b/d, citing near-term operational constraints.Crude production climbed to roughly 1.2 million b/d in June from about 850,000 b/d in Q4 2025, making Venezuela the world's fastest-growing oil producer this year, Kpler said.Higher production also lifted demand for diluent imports, with Venezuelan naphtha imports averaging around 100,000 b/d in recent months, according to Kpler.Kpler expects Venezuela to produce a more realistic 2 million b/d by the end of the decade, below the government's 3 million b/d target for 2030, assuming political stability and greater participation from international oil companies.Rig shortages and deteriorating infrastructure will continue to limit Venezuela's production growth, while ample global crude supplies should keep output around 2 million b/d in 2031 and 2032, Kpler said.Venezuela has overhauled its investment framework after Interim President Delcy Rodriguez cut the government's share in most crude projects to 20%-35% from nearly 83% and introduced royalty brackets, Kpler said.Higher oil prices driven by the US-Iran conflict have strengthened investor interest, Kpler said. Chevron (CVX) has moved quickly to expand operations, while ExxonMobil (XOM) and ConocoPhillips (COP) are converting preliminary agreements with PDVSA into formal joint ventures.Even with stronger foreign interest, equipment shortages and deteriorating infrastructure will continue to restrict operations through 2027, Kpler said, delaying any meaningful increase in production until 2028.Nearly two decades after exiting Venezuela, ExxonMobil had started talks by late May to secure production rights for as many as six oil fields across multiple regions, Kpler said.Kpler said the policy shift coincides with President Donald Trump's call for $100 billion in private investment to rebuild Venezuela's energy industry after Nicolas Maduro's departure in January.The renewed push came only months after Exxon Chief Executive Darren Woods described the country as "uninvestable," according to Kpler.

$COP$CVX$XOM
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.9%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index was shedding 0.7%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4% to $82.12 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $87.77 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.In corporate news, Chevron (CVX) subsidiary Chevron Exploration Services and Iraqi state-owned Basra Oil have signed an agreement to further their commercial negotiations regarding the West Qurna Phase 2 oil field, a company spokesperson toldin an emailed response Friday. Chevron shares rose 1.7%.ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 1.3%, and BP climbed 1.8%.PBF Energy (PBF) shares gained 3.3% after Evercore ISI started coverage of the firm with an in-line rating and $58 price target.Valero Energy (VLO) shares were rising 2.7%. The company said in a filing Thursday that its board has authorized the purchase of the company's common stock worth $5 billion, in addition to the amount remaining under its existing buyback program.

$BP$COP$CVX$PBF$VLO
Sectors

Sector Update: Energy Stocks Gain Friday Afternoon

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.8%.The Philadelphia Oil Service Sector Index was up 0.3%, and the Dow Jones US Utilities Index was shedding 0.5%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4.2% to $82.23 a barrel, and the global benchmark Brent crude contract climbed 4.1% to $87.64 a barrel. Henry Hub natural gas futures rose 2.1% to $2.92 per 1 million BTU.In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.In corporate news, ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 0.8%, and BP climbed 1.3%.PBF Energy (PBF) shares rose 3% after Evercore ISI started coverage of the company with an in line rating and $58 price target.JERA, a Japan power generator, has begun a feasibility study for a potential US stock market listing as it explores ways to expand overseas and broaden its funding options, Reuters reported.

$BP$COP$PBF
Sectors

Sector Update: Energy

Energy stocks gained Friday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.6%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index was shedding 0.5%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4.1% to $82.22 a barrel, and the global benchmark Brent crude contract climbed 4.1% to $87.66 a barrel. Henry Hub natural gas futures rose 1.6% to $2.91 per 1 million BTU.In corporate news, ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 0.8%, and BP climbed 1.2%.

$BP$COP
Oil & Energy

BP to Sell 42% Stake in Iraq's Kirkuk Venture to ConocoPhillips

BP (BP) agreed to sell a 42% interest in BP Energy Company of Kirkuk to ConocoPhillips (COP) to support redevelopment of northern Iraq's Kirkuk oil fields, BP said in a statement on Friday.The companies will sign the agreement during Iraqi Prime Minister Ali Al-Zaidi's official visit to Washington, DC. BP said the partnership combines the companies' expertise while supporting its disciplined capital allocation strategy."Kirkuk is a world-class resource base that can support Iraq's long-term energy ambitions while creating value for both the country and BP," said chief executive officer Meg O'Neill.The initial phase of the development and production contract targets more than 3 billion barrels of oil equivalent from the Baba and Avanah domes of the Kirkuk field, along with the nearby Bai Hassan, Jambur and Khabbaz fields.Beyond the producing assets, the agreement includes additional exploration potential. Northern Oil currently operates all of the fields covered under the contract, BP said.After the transaction closes, BP will retain a majority stake in BP Energy Company of Kirkuk and remain a key member of the contractor group.The transaction remains subject to regulatory approvals. BP said the agreement will not change the contract framework, current operatorship or the planned transition to a new operating organization.BP said BP Energy of Kirkuk will earn fees based on production, prices and costs. The company also does not expect the joint venture to require significant capital contributions.Price: $41.68, Change: $+0.59, Percent Change: +1.45%

$BP$COP
Sectors

Sector Update: Energy Stocks Advance Premarket Friday

Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.The United States Oil Fund (USO) was up 3.1% and the United States Natural Gas Fund (UNG) was 0.2% higher.Front-month US West Texas Intermediate crude oil was 3.2% higher at $81.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $86.77 per barrel, and natural gas futures were up 1.4% at $2.90 per 1 million British Thermal Units.ConocoPhillips (COP) said it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. Shares of ConocoPhillips were up more than 2% and BP stock rose past 1% premarket.Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg said, citing a senior company executive. Chevron shares were up more than 1% pre-bell.

$BP$COP$CVX$UNG$USO$XLE
Sectors

Sector Update: Energy

Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.The United States Oil Fund (USO) was up 2.8% and the United States Natural Gas Fund (UNG) was 0.1% lower.Front-month US West Texas Intermediate crude oil was 2.4% higher at $80.86 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.3% to $86.16 per barrel, and natural gas futures were up 0.7% at $2.88 per 1 million British Thermal Units.ConocoPhillips (COP) said it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. Shares of ConocoPhillips were up more than 2% and BP stock rose past 1% premarket.

$BP$COP
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Friday as Investors Retreat From Chipmaker Stocks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) fell 1.8% in Friday's premarket activity, as investors continued to pull back from chipmakers.US stock futures were also lower, with S&P 500 Index futures down 0.8%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures declining 1.6% before the start of regular trading.June housing starts jumped by 19% from the previous month to a 1.427 million annual rate, above expectations compiled by Bloomberg as of 7:30 am ET for a 1.310 million rate after a decrease to a 1.199 million pace in May.US import prices rose by 0.3% in June, compared to the 0.7% decrease expected in a survey compiled by Bloomberg and following a 1.7% increase in May.Industrial production data for June will be released at 9:15 am ET, followed by the preliminary University of Michigan consumer sentiment reading for July at 10:00 am ET.In premarket action, bitcoin was down by 1.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.7% lower, Ether ETF (EETH) retreated 2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.3%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.6%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.7%, and the iShares US Consumer Staples ETF (IYK) advanced 0.9%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) gained 1%, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% lower.XPeng (XPEV) shares were down more than 5% pre-bell after closing the prior session with a 1% rise. The Wall Street Journal reported Thursday that the company is launching its L03 SUV in Munich, marking its first global vehicle launch outside China as it expands in Europe and other overseas markets.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.2%, and the iShares US Technology ETF (IYW) was 2.1% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined 3.4%, while the iShares Semiconductor ETF (SOXX) fell by 3.9%.Cadence Design Systems (CDNS) shares were down more than 5% in premarket activity following a 1.8% fall at the prior close. The company said it will work with logic semiconductor manufacturer Rapidus to advance "agentic AI" for advanced-node system-on-chip design under a new collaboration.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.6%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were flat.SpaceX's (SPCX) stock was down more than 4% before the opening bell after CEO Elon Musk said in a Thursday post on X that the company's Starship rocket triggered an "automatic launch abort," with the next launch to be rescheduled possibly "in a few days".Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) slipped 0.5%. The iShares Biotechnology ETF (IBB) was down 0.4%.GSK (GSK) stock was down more than 2% premarket after the company said it would discontinue development of camlipixant for refractory chronic cough after the drug produced mixed results in the phase 3 CALM-1 and CALM-2 trials.EnergyThe iShares US Energy ETF (IYE) was up 0.6%, while the State Street Energy Select Sector SPDR ETF (XLE) was 1.5% higher.BP (BP) stock was up more than 1%, and ConocoPhillips (COP) was 2% higher before market open. CNBC reported Friday that the companies plan to reveal billions of dollars in new investments in Iraq to help build its energy sector and increase resilience against Iranian disruptions.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Truist Financial (TFC) shares traded down 1% in early hours activity, even after the company reported higher Q2 earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 2.7% to $81.04 per barrel on the New York Mercantile Exchange. Natural gas was up by 0.5% to $2.87 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2.4%, while the United States Natural Gas Fund (UNG) was 1% lower.Gold futures for July retreated 0.1% to $3,988.00 an ounce on the Comex. Silver futures were down 1.1% to $55.59 an ounce. SPDR Gold Shares (GLD) decreased 0.2%, and the iShares Silver Trust (SLV) was 0.9% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BP$CDNS$COP$EEM$EETH$EXI$FAS$FAZ$GLD$GSK$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SLV$SOXX$SPCX$SPY$TFC$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XPEV$XRT$XSD
Oil & Energy

ConocoPhillips to Buy 42% Stake in BP Iraqi Development

ConocoPhillips (COP) will buy a 42% interest in BP Energy Company of Kirkuk in Iraq, it said on Friday, after agreeing terms with BP (BP).ConocoPhillips will thus support redevelopment of four large-scale operational fields in the Kirkuk area of northern Iraq. The deal is due to be signed during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, DC.BP ECKL holds the Development and Production Contract, or DPC, covering the Baba and Avanah domes of the Kirkuk oil field plus three adjacent fields in Federal Iraq - Bai Hassan, Jambur and Khabbaz.The DPC includes initial gross recoverable resources of more than 3 billion barrels of oil equivalent, that will be recovered through field rehabilitation, redevelopment and optimization.The contract also contains areas for exploration. The deal is due to close by the end of this year, subject to regulatory approvals.After deal closure, the BP ECKL joint venture will be accounted for as "an equity affiliate" and it is not expected to need significant capital outlays from ConocoPhillips.Remuneration will be linked to a proportionate share of incremental production and costs.

$BP$COP
Equities

ConocoPhillips to Acquire 42% Interest in BP Northern Iraq Joint Venture

ConocoPhillips (COP) said Friday it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region.Financial terms were not provided.The Kirkuk joint venture will be accounted as an equity affiliate and is not expected to require "significant" capital contributions, ConocoPhillips said.The agreement is expected to be signed during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, the company said.The transaction is expected to close by the end of 2026, the company added.Shares of ConocoPhillips and BP were each up by about 1% in premarket activity Friday.

$BP$COP
Commodities

Uniper Targets $5.72 Billion Investment by 2030 for Energy Supply Security, Upgrade

German energy major Uniper on Friday reaffirmed its intentions to invest about 5 billion euros ($5.72 billion) between 2025 and 2030 to ensure supply security and upgrade energy systems.Uniper plans to invest in flexible generation, renewable energy, and the expansion of its gas procurement portfolio as part of its transformation strategy, with about half of the budget allocated to Germany, it said in a statement.The company aims to operate about 15-20 gigawatts of power generation capacity by 2030, with at least 50% of it targeted from renewable, low-carbon, or "decarbonizable generation assets."Uniper's three business segments Green Generation, Flexible Generation, and Greener Commodities are focused on gradual decarbonization. The company plans to phase-out coal and increase investments in renewable energy, hydropower, and hydrogen-ready gas-fired power plants."More than half of the planned investments through 2030 are to flow into the Flexible Generation business segment across various markets, where Uniper has a broad and attractive project pipeline - ranging from new construction projects and site developments to the conversion and modernization of existing plants, including the prospect of climate-neutral operation," the statement said.The company intends to participate in Germany's upcoming StromVKG tenders in September and December with two hydrogen-ready power plant projects at the Gelsenkirchen-Scholven and Staudinger sites. The projects are targeting a combined capacity of 1.7 GW and are in the advanced stages of their technical planning and site preparation phases.Uniper sees additional prospects in new-build projects, lifetime extensions, modernization initiatives and gigawatt-scale conversion projects across Germany, UK, Sweden and the Netherlands.The company has allocated about one-third of its planned 5 billion euros investment to its Green Generation division, with the capital being deployed for expansion and operation of renewable energy assets and the modernization of existing hydropower facilities among others. The company is targeting investment decisions for up to 500 megawatts of solar and wind projects annually.Uniper aims to expand its gas portfolio to 250-300 terawatt-hours over the medium term, supported primarily by long-term supply agreements, which includes contracts with Australia's Woodside, Canada's Tourmaline, and the US-based ConocoPhillips (COP).The company is also looking to benefit from the growing demand for digital infrastructure through sale or lease of sites for data centers, co-investments, structured power purchase agreements, and through direct supply from its own generation capacity.Uniper has already identified over 10 suitable company-owned sites near European data hubs for data center development, which includes three projects already in advanced stages of development and an already completed project in the UK.

$COP
Equities

Market Chatter: BP, ConocoPhillips Plan Major Investments in Iraq

BP (BP) and ConocoPhillips (COP) plan to reveal billions of dollars in new investments in Iraq to help build its energy sector and increase resilience against Iranian disruptions, CNBC reported Friday, citing people familiar with the plans.The agreements are expected to be shared at a US-Iraq business meeting in Washington, the sources told the news outlet.The event could have over $60 billion in deals between US companies and the Iraqi government, and the BP and ConocoPhillips investment could be tens of billions, CNBC quoted the people as saying.BP and ConocoPhillips did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$BP$COP
Wire

Roth Capital Adjusts ConocoPhillips Price Target to $126 From $130, Maintains Buy Rating

ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.33, according to analysts polled by FactSet.Price: $109.70, Change: $-2.18, Percent Change: -1.94%

$COP
Equities

BMO Capital Adjusts Price Target on ConocoPhillips to $130 From $135, Maintains Outperform Rating

ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.33, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $111.30, Change: $+2.26, Percent Change: +2.07%

$COP
Asia Markets

Update: US Equity Futures Drop Pre-Bell as Iran Says Strait of Hormuz Closed Once Again, Oil Prices Jump

(Updates with recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Monday as hostilities continued to re-escalate in the Middle East and Iran declared the Strait of Hormuz once again closed, driving up oil prices.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 1.2% lower.The US and Iran traded heavy missile and drone attacks over the weekend, with the US military saying they hit Iranian military facilities, while Iran's Revolutionary Guards said they had struck US installations in Bahrain, Kuwait, Oman and Jordan.Iran, which is seeking to set up a permanent fee and permit system for ships transiting the Strait of Hormuz, said Sunday that the waterway remains closed until "stability and calm" is restored.In a post on X, US Central Command said that its forces are "postured and prepared to ensure that freedom of navigation remains available to commercial shipping."Traders await a slew of earnings releases this week, including results from major US banks JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C) on Tuesday; Johnson & Johnson (JNJ), Morgan Stanley (MS), and BlackRock (BLK) on Wednesday; and Taiwan Semiconductor Manufacturing (TSM), UnitedHealth Group (UNH), GE Aerospace (GE), and Netflix (NFLX) on Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.3% at $79.27 per barrel and US West Texas Intermediate crude 4.2% higher at $74.41 per barrel.Federal Reserve board members Michelle Bowman and Christopher Waller are slated to speak on Monday.In other world markets, Japan's Nikkei closed 1.9% lower, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 2.1% lower. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Micron Technology (MU), AMD (AMD), and Intel (INTC) stocks were lower as part of a broader decline in the semiconductor sector. Micron shares fell 5.5%, AMD stock was down 2.9%, and Intel shares were 3.5% lower.On the winning side, the increase in oil prices lifted energy-related stocks. TotalEnergies (TTE) shares were up 1.6%, ConocoPhillips (COP) stock was 1.9% higher, and BP (BP) shares rose 1.6%. Accenture (ACN) stock was up 1% after the company said its subsidiary Accenture Capital on Friday closed the sale of five tranches of notes totaling approximately $5 billion.

Dow JonesNasdaq CompositeS&P 500$ACN$AMD$BAC$BLK$BP$C$COP$GE$GS$INTC$JNJ$JPM$MS$MU$NFLX$TSM$TTE$UNH$WFC
Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding about 1.2%.The Philadelphia Oil Service Sector Index was gaining 2.4%, and the Dow Jones US Utilities Index was decreasing 0.8%.Crude oil prices jumped after President Donald Trump threatened additional strikes against Iran tonight, saying the ceasefire with Tehran was over. The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported. The US will likely hit Iran again tonight, Trump said Wednesday at a NATO summit in Turkey.Front-month West Texas Intermediate crude oil rose 4.4% to $73.53 a barrel, and the global benchmark Brent crude contract climbed 5.2% to $78.01 a barrel. Henry Hub natural gas futures fell 1.4% to $3.22 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended July 3 following a decrease of 9.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.0 million barrels after a 3.8-million-barrel decline in the previous week, compared with a 1.9-million-barrel drop expected in a survey compiled by Bloomberg.In corporate news, Occidental Petroleum (OXY) shares gained 3.3% after Evercore ISI upgraded the stock to outperform from underperform and raised its price target to $65 from $58.ConocoPhillips' (COP) strong operations in fiscal Q2 should offset Middle East headwinds, with the firm likely to repeat production and equity affiliate distribution projections for the fiscal year, UBS Securities said in a note. ConocoPhillips shares rose 1.7%.Chevron's (CVX) Chevron Technical Center and ZL Chemicals signed a technology licensing deal that allows ZL to commercialize Chevron-developed chemical surfactant technology, they said Wednesday. Shares were up 1.2%.Baker Hughes (BKR) will provide power generation services to support Kodiak Gas Services' (KGS) energy infrastructure initiatives under a new multiyear agreement, the companies said. Baker Hughes shares popped 4.9%.

$BKR$COP$CVX$OXY

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