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ConocoPhillips

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NYSEEnergy

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.

Wire

ConocoPhillips' Strong Fiscal Q2 Operations Should Offset Middle East Headwinds, UBS Says

ConocoPhillips' (COP) strong operations in fiscal Q2 should offset Middle East headwinds, with the company likely to reiterate production and equity affiliate distribution projections for the fiscal year, UBS Securities said in a Tuesday note.ConocoPhillips is set to release its fiscal Q2 results on Aug. 6.The company's N3 project in Qatar weighed on the fiscal quarter's output but outperformance by the rest of its portfolio kept production at midpoint level of its full-year guidance, the brokerage said. UBS also said it expects ConocoPhillips to add the extra Permian rig in H2 to sustain operational efficiencies through 2027.Meanwhile, strong pricing at ConocoPhillips' APLNG and EGLNG should back the company's fiscal 2026 equity affiliate distributions guidance of $1.5 billion, the brokerage added.UBS cut its price target on ConocoPhillips to $143 from $155, with a buy rating.Price: $111.02, Change: $+2.58, Percent Change: +2.38%

$COP
Equities

Truist Adjusts Price Target on ConocoPhillips to $115 From $128

ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.83, 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
Asia Markets

Update: US Equity Futures Fall Pre-Bell as Middle East Hostilities Restart, President Trump Declares US-Iran Ceasefire 'Over'

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures fell pre-bell Wednesday as President Donald Trump declared that the US ceasefire with Iran was "over" amid escalating hostilities in the region once again, sending oil prices soaring.Dow Jones Industrial Average futures were 0.9% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 0.8% lower.In a post on X, US Central Command said it struck 80 Iranian targets, including air defense systems and radar sites, as a response to Iran's attacks on three commercial ships transiting the Strait of Hormuz. The US also revoked a license that allowed Iran to sell oil around the world.Iran's Islamic Revolutionary Guard Corps said that they had targeted US military sites in Bahrain and Kuwait. The renewed conflict in the region has caused at least four oil and gas tankers to turn back from their attempt to pass by the waterway, according to a Reuters report citing date from Kpler and LSEG.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.5% at $77.45 per barrel and US West Texas Intermediate crude 4.3% higher at $73.46 per barrel.Traders await the minutes of the June 16-17 Federal Reserve policy session, the first under new chair Kevin Warsh, scheduled for release at 2pm ET.In other world markets, Japan's Nikkei closed 2.1% lower, Hong Kong's Hang Seng ended 3% higher, and China's Shanghai Composite finished 0.5% lower. Meanwhile, the UK's FTSE 100 was down 1%, and Germany's DAX index was 1.7% lower in Europe's early afternoon session.In equities, Walmart (WMT) shares rose nearly 1% after the company lowered prices on essentials and groceries, including beef, fresh produce, beverages and other products as part of a summer rollback measure, following an announcement from Trump that the retailer would lower its prices "by a lot" at his administration's request to celebrate the country's 250th birthday.The increase in oil prices boosted energy stocks in premarket activity. Exxon Mobil (XOM) shares were 1.3% higher, Chevron (CVX) stock was up 1.5%, and ConocoPhillips (COP) shares climbed 1.5%.On the losing side, airline stocks dropped on concerns over fuel costs and demand. Delta Air Lines (DAL) shares fell 2.3%, United Airlines (UAL) stock was down 2.9%, and Southwest Airlines (LUV) shares declined 2.2%.

Dow JonesNasdaq CompositeS&P 500$COP$CVX$DAL$LUV$UAL$WMT$XOM
Equities

UBS Adjusts Price Target on ConocoPhillips to $143 From $155

ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.83, 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
Equities

ConocoPhillips Files Mixed Shelf

ConocoPhillips (COP) filed a registration statement Tuesday for the sale of securities from time to time.The filing covers subordinated debt securities, common and preferred stock, warrants, depository shares, stock purchase contracts or units, and prepaid stock purchase contracts, the filing said.Net proceeds from the sale of the securities will be used for general corporate purposes.

$COP
Equities

Goldman Sachs Adjusts Price Target on ConocoPhillips to $138 From $144, Maintains Buy Rating

ConocoPhillips (COP) has an average rating of overweight and mean price target of $144.83, 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
Wire

Morgan Stanley Adjusts Price Target on ConocoPhillips to $146 From $153, Maintains Overweight Rating

ConocoPhillips (COP) has an average rating of overweight and mean price target of $145.38, 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: $106.19, Change: $-0.22, Percent Change: -0.21%

$COP
Commodities

US Rig Activity Holds Steady as Private Operators Expand Market Share, RBC Says

US drilling activity remained largely stable last week as operators maintained activity levels across major shale basins, RBC Capital Markets said in a Friday note.The Baker Hughes (BKR) US land rig count increased by one rig to 551. Rigs drilling for oil rose by one to 423, while rigs targeting natural gas also increased by one to 122, according to RBC.The Permian Basin held steady at 256 rigs, representing 61% of Lower 48 oil rigs and 46% of total US land rigs. Exxon (XOM) led operators with 34 rigs, followed by Devon (DVN) with 21 and Occidental (OXY) with 20.Private companies accounted for 43% of active Permian rigs, up from 42% a year earlier. Helmerich & Payne (HP) remained the leading contractor with 90 rigs, while Patterson-UTI (PTEN) and Nabors (NBR) operated 31 and 29 rigs, respectively.Eagle Ford activity remained unchanged at 44 rigs. ConocoPhillips (COP) operated seven rigs and EOG Resources (EOG) ran six, while private operators increased their share of active rigs to 45% from 42% a year ago.The Anadarko Basin added one rig over the week to reach 20. Continental remained the largest operator with eight rigs, followed by Mewbourne with seven, while private companies controlled 92% of active rigs.Haynesville drilling activity held steady at 55 rigs. Apex led operators with 13 rigs and Adamas followed with six, while private operators expanded their share to 73% from 66% a year earlier.Helmerich & Payne operated 11 rigs in Haynesville, ahead of ICD with nine, Precision Drilling (PDS) with eight and TG Natural Resources with six.Across the US market, private operators accounted for 57% of active rigs, up from 55% a year earlier. The six largest drilling contractors controlled 72% of active rigs nationwide.Oilfield services stocks fell 9.2% over the week as West Texas Intermediate crude dropped 13.1%. EFX-CA gained 1.6%, while SLB (SLB) and Nabors declined 14.1% and 14.6%, respectively, RBC said.

$BKR$COP$DVN$HP$NBR$OXY$PDS$PTEN$SLB$XOM
Wire

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were rising late Monday afternoon, with the NYSE Energy Sector Index adding 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) advancing 1.3%.The Philadelphia Oil Service Sector Index was up 0.7%, and the Dow Jones US Utilities Index rose 0.5%.Oil prices fell after reports that Iran has agreed with the US to allow international nuclear inspectors back into the country. US Vice President JD Vance said Monday that Iran agreed to admit inspectors from the International Atomic Energy Agency in the country, according to media reports.Front-month West Texas Intermediate crude oil fell 2.1% to $74.27 a barrel, and the global benchmark Brent crude contract dropped 2.9% to $78.26 a barrel. Henry Hub natural gas futures advanced 0.5% to $3.25 per 1 million BTU.In corporate news, ConocoPhillips (COP) shares gained 1.8% after Roth Capital Partners upgraded the stock to buy from neutral and raised its price target to $130 from $124.Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by Microsoft (MSFT) as part of a 20-year power purchase deal. Chevron shares rose 0.7%.BP (BP) and Eni's (E) joint venture Azule Energy approved the development of the Greater PAJ offshore oil project in Angola, Reuters reported, citing comments from company and government officials at a signing ceremony. BP and Eni shares added 1.7% and 1.1% respectively.Petrobras (PBR) shares rose 1.4%. The company said Friday its board approved a final investment decision for a biorefining project with an investment of about $1.2 billion at its Presidente Bernardes refinery in Sao Paulo state.

$BP$COP$CVX$E$PBR
Wire

ConocoPhillips Shares Higher After Roth Capital Upgrade

ConocoPhillips (COP) shares were up about 1.5% in Monday trading after Roth Capital Partners upgraded the stock to buy from neutral and raised its price target to $130 from $124.Trading volume stood at more than 3.8 million shares, against a daily average of roughly 8.3 million.Price: $109.36, Change: $+1.62, Percent Change: +1.50%

$COP
Research

Roth Capital Partners Upgrades ConocoPhillips to Buy From Neutral, Adjusts PT to $130 From $124

ConocoPhillips (COP) has an average rating of overweight and mean price target of $144.56, 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

Equinor, Partners to Boost Gas Output Offshore Norway

Equinor (EQNR) and its partners, Petoro, Shell (SHEL), TotalEnergies (TTE), and ConocoPhillips (COP) are investing 4 billion Norwegian krones ($413.2 million) in a Troll field project in the North Sea to boost gas production, Equinor said on Friday.The project, named Troll West Increased gas recovery North, or Twin, is expected to launch production as early as 2028.It represents third step of Troll Phase 3 and will extract gas from Troll West reservoir. It will feature two wells inside a subsea template and a pipeline connected to existing offshore facilities, the company noted.Operators expect the development to recover about 11 billion standard cubic meters of gas. The partnership is now notifying the Ministry of Energy about the development following a completed environmental impact assessment, it stated.Equinor aims to develop six to eight similar subsea projects annually through 2035, targeting an overall production level of 1.3 million barrels per day from the region.The Troll field holds roughly 40% of the total gas reserves on the Norwegian continental shelf and supplies about 10% of Europe's total gas needs.

$COP$EQNR$SHEL$TTE
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks declined late Wednesday afternoon with the NYSE Energy Sector Index falling 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.3%.The Philadelphia Oil Service Sector Index lost 2.9%, and the Dow Jones US Utilities Index shed 1.5%.West Texas Intermediate crude oil rose 0.1% to $76.11 a barrel, and global benchmark Brent eased 0.1% to $78.92 a barrel. Henry Hub natural gas futures fell 2.2% to $3.17 per 1 million BTU.In sector news, the US, Iran and mediators are in talks over holding the signing of the memorandum of understanding remotely as early as Wednesday, instead of in-person on Friday, Axios reported. A diplomat from one of the mediating countries told Axios that discussions to speed up the deal are intended to reopen the Strait of Hormuz sooner, since the parties agreed that the strait's opening and the lifting of the US blockade would only take effect after the formal signing.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 17.2 million barrels in the week ended Friday following a decrease of 15.2 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 8.3 million after a decline of 7.2 million in the previous week, a larger drop than the 3 million expected in a survey compiled by Bloomberg.The International Energy Agency lowered its global oil demand forecast for 2026 amid war-driven headwinds while projecting a rebound next year. The agency now expects oil consumption to fall by 1.1 million barrels per day this year, 700,000 lower than last month's projection. Q2 deliveries slumped by 5 million a day from a year earlier "in the face of higher fuel prices and disruptions to product availability," the IEA said.In corporate news, Devon Energy (DVN) is drawing fresh activist attention following its merger with Coterra Energy, with Toms Capital Investment Management having built a stake in the shale producer, the Financial Times reported. Devon shares fell 0.8%.Western Midstream Partners (WES) said the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas, in the Permian Basin. The stock declined 0.7%.ConocoPhillips (COP) confirmed it signed a development agreement with Syria's new government after a Financial Times report said the company was poised to become the first major US oil and gas producer to do so. ConocoPhillips shares fell 0.5%.

$COP$DVN$WES
Sectors

Sector Update: Energy Stocks Lower Wednesday Afternoon

Energy stocks declined Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index fell 1.4%, and the Dow Jones US Utilities Index was down 0.7%.Front-month West Texas Intermediate crude oil increased 0.4% to $76.38 a barrel, and the global benchmark Brent crude contract added 0.3% to $79.18 a barrel. Henry Hub natural gas futures fell 2.9% to $3.15 per 1 million BTU.In sector news, the US, Iran and mediators are in talks over holding the signing of the memorandum of understanding remotely as early as Wednesday, instead of in-person on Friday, Axios reported. A diplomat from one of the mediating countries told Axios that discussions to speed up the deal are intended to reopen the Strait of Hormuz sooner, since the parties agreed that the strait's opening and the lifting of the US blockade would only take effect after the formal signing scheduled for Friday.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 17.2 million barrels in the week ended June 12 following a decrease of 15.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 8.3 million barrels after a 7.2-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Exxon Mobil (XOM) has a preliminary deal to supply liquefied natural gas to South Africa, Bloomberg reported. Exxon shares were down 0.7%.Western Midstream Partners (WES) said the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas, in the Permian Basin. Its shares declined 0.7%.ConocoPhillips (COP) confirmed that it has signed a development agreement with Syria's new government, after an earlier Financial Times report said the company was poised to become the first major US oil and gas producer to do so. ConocoPhillips shares were shedding 0.4%.

$COP$WES$XOM
Sectors

Sector Update: Energy Stocks Lean Lower Pre-Bell Wednesday

Energy stocks were leaning lower pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) down 0.1%.The United States Oil Fund (USO) was down 0.3% and the United States Natural Gas Fund (UNG) was 2.1% lower.Front-month US West Texas Intermediate crude oil was 1% higher at $76.81 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.1% to $79.86 per barrel, and natural gas futures were down 2.5% at $3.15 per 1 million British Thermal Units.Western Midstream Partners (WES) said the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas, in the Permian Basin. Shares of Western Midstream Partners were 0.6% lower premarket.ConocoPhillips (COP) confirmed that it has signed a development agreement with Syria's new government, after an earlier Financial Times report said the company was poised to become the first major US oil and gas producer to do so. ConocoPhillips shares were 0.3% higher pre-bell.Antero Resources (AR) has set up a commercial paper program under which it may issue up to $1.65 billion of short-term unsecured notes, the company said in a regulatory filing. Antero Resources stock was flat premarket.

$AR$COP$UNG$USO$WES$XLE
Equities

Western Midstream Says Second Produced-Water Facility Starts Operations in Permian Basin

Western Midstream Partners (WES) said Wednesday that the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas in the Permian Basin.The other members of the project include Chevron (CVX), ExxonMobil (XOM), ConocoPhillips (COP), and Devon Energy (DVN).The company said it expects the facility to receive 2,000 barrels per day of produced water and produce approximately 1,000 barrels per day of reclaimed freshwater."Through our multi-barrier treatment approach, we are transforming that stream into highly treated reclaimed freshwater suitable for industrial cooling and irrigation applications," Western Midstream CEO Oscar Brown said in a statement.

$COP$CVX$DVN$WES$XOM
Equities

Update: ConocoPhillips Confirms Syria Gas Development Deal

(Updates to incorporate confirmation from ConocoPhillips.)ConocoPhillips (COP) confirmed Tuesday that it has signed a development agreement with Syria's new government, after an earlier Financial Times report said the company was poised to become the first major US oil and gas producer to do so.In an emailed response to, the company said "ConocoPhillips has signed an agreement with Syrian Petroleum Company and Novaterra Energy to support an onshore gas development opportunity in Syria."The FT earlier reported, citing people familiar with the matter, that the deal would involve ConocoPhillips and Novaterra partnering with the state-owned Syrian Petroleum Company to develop existing gas fields and explore for new reserves.

$COP
Oil & Energy

ConocoPhillips, Novaterra Sign Gas Development Deal with Syria

US energy firms ConocoPhillips (COP) and Novaterra Energy on Tuesday signed an agreement with the Syrian Petroleum Company to develop several gas fields and boost production from existing sites.Syria's Ministry of Energy said the agreement aims to increase natural gas output from targeted fields, modernize infrastructure, and improve operational efficiency.The country has been seeking to rehabilitate its energy infrastructure, much of which was damaged during more than a decade of war, while addressing chronic electricity shortages that have hampered economic recovery.Natural gas is expected to play a key role in supplying power plants and supporting industrial activity as the government works to strengthen domestic energy production and reduce supply constraints.The financial terms of the agreement were not disclosed.Price: $111.17, Change: $-1.09, Percent Change: -0.97%

$COP
Sectors

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks fell late Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.7%.The Philadelphia Oil Service Sector Index dropped 2.1%, and the Dow Jones US Utilities Index rose 0.6%.Oil prices fell Tuesday as a framework to end the Middle East conflict eased global supply fears. The US and Iran have agreed to end their war and reopen the Strait of Hormuz, which is the world's most important chokepoint for crude flows. The two sides are scheduled to sign their peace deal in Switzerland on Friday, which would kick off another round of negotiations on Tehran's nuclear program as Iran seeks sanctions relief.West Texas Intermediate crude oil shed 4.6% to $77.06 a barrel, and global benchmark Brent fell 3.9% to $79.91 a barrel. Henry Hub natural gas futures rose 3.2% to $3.25 per 1 million BTU.In sector news, the US will let Iran sell oil and fuel immediately under the deal the two nations reached to end the war, The Wall Street Journal reported.In corporate news, YPF (YPF) signed a letter of intent to explore collaborations in fast-charging networks and energy storage infrastructure, Reuters reported. Shares were declining 3%.Sable Offshore (SOC) shares fell 5.4%. The company said it has launched a senior secured term loan of up to $1 billion to refinance a secured term loan with Exxon Mobil (XOM).Equinor (EQNR) said Tuesday it will double share buyback to $3 billion in 2026 and expects annual share repurchases of $2 billion to $4 billion from 2027. Shares were down 1.3%.ConocoPhillips (COP) is set to become the first major US oil and gas company to sign a development agreement with Syria's new government, the Financial Times reported. Shares lost 1%.

$COP$EQNR$SOC$YPF
Sectors

Sector Update: Energy Stocks Decline Tuesday Afternoon

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.7%.The Philadelphia Oil Service Sector Index was falling 2.1%, and the Dow Jones US Utilities Index rose 1.1%.Oil prices fell Tuesday as a framework to end the Middle East conflict eased global supply fears. The US and Iran have agreed to end their war and reopen the Strait of Hormuz, which is the world's most important chokepoint for crude flows. The two sides are scheduled to sign their peace deal in Switzerland on Friday, which would kick off another round of negotiations on Tehran's nuclear program as Iran seeks sanctions relief.Front-month West Texas Intermediate crude oil fell 6.1% to $75.82 a barrel, and the global benchmark Brent crude contract dropped 5.4% to $78.66 a barrel. Henry Hub natural gas futures rose 3% to $3.24 per 1 million BTU.In sector news, the US will let Iran sell oil and fuel immediately under the deal the two nations reached to end the war, The Wall Street Journal reported. The provision also covers necessary services to sell oil, including banking, transportation and insurance, the report said.In corporate news, Sable Offshore (SOC) shares fell nearly 6% after the company said it launched a proposed senior secured term loan of up to $1 billion to refinance a secured term loan with Exxon Mobil (XOM).Equinor (EQNR) said Tuesday it will double share buyback to $3 billion in 2026 and expects annual share repurchases of $2 billion to $4 billion from 2027. Equinor shares were down 1.4%.ConocoPhillips (COP) is set to become the first major US oil and gas company to sign a development agreement with Syria's new government, the Financial Times reported. ConocoPhillips shares were shedding 1.4%.

$COP$EQNR$SOC

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