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Sectors

Sector Update: Energy

Energy stocks were leaning lower pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.5%.The United States Oil Fund (USO) was down 1.6% and the United States Natural Gas Fund (UNG) was 2.6% higher.Front-month US West Texas Intermediate crude oil was 2.1% lower at $103.22 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.7% to $107.40 per barrel, and natural gas futures were up 2.6% at $3.04 per 1 million British Thermal Units.ConocoPhillips (COP) and Glenfarne Group's subsidiary have signed a 30-year agreement to supply North Slope natural gas for phase one of the Alaska LNG project, the companies said. ConocoPhillips shares were down more than 1% premarket.

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Equities

ConocoPhillips Signs 30-Year Gas Deal for Alaska LNG Phase One Project

ConocoPhillips (COP) and Glenfarne Group's subsidiary have signed a 30-year agreement to supply North Slope natural gas for phase one of the Alaska LNG project, the companies said Monday.Financial details weren't provided.With the deal, the project has now secured agreements with major North Slope producers for substantial gas volumes to advance toward a final investment decision for phase one, which consists of the 739-mile pipeline supplying natural gas to Alaska's domestic market and improving long-term energy security as Cook Inlet production declines, the companies said.

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Equities

Jefferies Adjusts Price Target on ConocoPhillips to $161 From $160, Maintains Buy Rating

ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.15, 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://www..com/contact-us)

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Commodities

Market Chatter: Trump Administration Moves to Fast-Track Arctic Oil Permits in Alaska Reserve

The Trump administration plans to streamline permitting for oil projects in the National Petroleum Reserve-Alaska, seeking to accelerate crude production in the US Arctic amid heightened concern over global energy supplies, Bloomberg reported on Friday.The 23-million-acre reserve, about 500 miles north of Anchorage, was originally designated for naval oil supplies and is estimated by the US government to contain 8.8 billion barrels of recoverable oil.The Interior Department is expected to create a new framework for approving oil production facilities and related infrastructure in the reserve. Officials said qualifying projects could undergo environmental review and receive permits in as little as 30 days.The proposed initiative centers on an Interior Department effort to conduct a broad environmental review of a typical reserve development, examining the impacts of wells, gravel roads, processing units and other common infrastructure.That review would lay the groundwork for a future rule establishing criteria for oil and gas projects eligible for expedited permitting based on the broader environmental analysis.The Interior Department's Bureau of Land Management is to launch the effort with an environmental impact statement and a 45-day public comment period on the study's scope.The Interior Department did not immediately respond to a request for comment from.The proposal could reportedly benefit companies including ConocoPhillips (COP), Santos and Repsol, all of which hold leases in the reserve, as well as ExxonMobil (XOM), Shell (SHEL), Armstrong Oil & Gas and other oil companies that bid about $164 million on leases in the reserve during a record-setting government auction in March."We know we can speed up permitting a common sense way," Burgum reportedly told Bloomberg in an interview.Burgum was reportedly set to announce the plan on Friday near the Willow project during a visit to oil and mining sites in Alaska.Bloomberg said environmental groups warned the proposal could weaken scrutiny of long-term energy projects and their impacts on wildlife, ecosystems and Indigenous communities.(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.)

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Wire

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) climbing up 2%.The Philadelphia Oil Service Sector Index was decreasing 0.3%, and the Dow Jones US Utilities Index fell 2.2%.Front-month West Texas Intermediate crude oil gained 4.2% to $105.43 a barrel, and the global benchmark Brent crude contract was advancing 3.4% to $109.31 a barrel. Henry Hub natural gas futures rose 2.7% to $2.97 per 1 million BTU.In sector news, US Secretary of Energy Chris Wright told CNBC on Friday he expects China to increase oil imports from the US because the two nations are natural partners and because China relies heavily on imports from the Middle East that have mostly been cut off for weeks.In corporate news, ConocoPhillips (COP) shares rose 2.9% after Argus raised its price target to $136 from $128, while keeping its buy rating.Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported late Thursday. Shares gained 3%.BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported. Separately, BP is contemplating selling some natural gas assets in Egypt, Reuters reported. Shares rose 1.7%.Prairie Operating (PROP) shares fell 15% after it reported a Q1 loss late Thursday of $2.16 per diluted share, narrowing from a loss of $3.49 a year earlier. Four analysts polled by FactSet expected earnings of $0.15.

$BP$COP$PROP$XOM
Sectors

Sector Update: Energy Stocks Rise Friday Afternoon

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.6%.The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index fell 2.4%.Front-month West Texas Intermediate crude oil gained 3.9% to $105.12 a barrel, and the global benchmark Brent crude contract was advancing 3.2% to $109.08 a barrel. Henry Hub natural gas futures rose 2.4% to $2.96 per 1 million BTU.In sector news, US Secretary of Energy Chris Wright told CNBC on Friday he expects China to increase oil imports from the US because the two nations are natural partners and because China relies heavily on imports from the Middle East that have mostly been cut off for weeks.In corporate news, BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported. Separately, BP is contemplating selling some natural gas assets in Egypt, Reuters reported. BP shares were up 1%.ConocoPhillips (COP) shares rose 2.2% after Argus lifted the company's price target to $136 from $128, while keeping its buy rating.Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported late Thursday. Exxon shares climbed 2.9%.

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Wire

US Energy Secretary Expects China to Increase Oil Imports From US, CNBC Reports

US Energy Secretary Expects China to Increase Oil Imports From US, CNBC Reports

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Equities

Argus Adjusts Price Target on ConocoPhillips to $136 From $128, Maintains Buy Rating

ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.12, 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://www..com/contact-us)

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Equities

BMO Capital Adjusts Price Target on ConocoPhillips to $135 From $140, Maintains Outperform Rating

ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.31, 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://www..com/contact-us)

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Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Tuesday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.The Philadelphia Oil Service Sector Index climbed 2.3%, and the Dow Jones US Utilities Index increased 0.3%.Oil prices rose as a faltering ceasefire between the US and Iran kept the Strait of Hormuz closed. Front-month West Texas Intermediate gained 4.3% to $102.28 a barrel, and global benchmark Brent advanced 3.4% to $107.78 a barrel.Henry Hub natural gas futures fell 2.4% to $2.84 per 1 million BTU.In corporate news, TotalEnergies (TTE) and its partners ConocoPhillips (COP) and QatarEnergy signed a memorandum of understanding Tuesday with Syrian Petroleum relating to the exploration of block 3, offshore Syria in the eastern Mediterranean Sea, the company said. TotalEnergies shares rose 1.3%, and ConocoPhillips added 2.2%.Ecopetrol (EC) said Tuesday its President Ricardo Roa has been charged with alleged violations of spending limits related to the country's 2022 presidential campaign following a probe by Colombia's General Prosecutor's Office. Ecopetrol shares were up 2.7%.Targa Resources (TRGP) is positioned for growth into 2026 and beyond, supported by strong Permian volume growth and potential upside from commodity price tailwinds, RBC Capital Markets said. Targa shares gained 1.1%.Eni (E) asked Morgan Stanley (MS) to help it raise funds from investors, including Apollo (APO), KKR (KKR), and Stonepeak, in a potential deal backed by its floating liquefied natural gas assets, Reuters reported. Eni shares rose 0.6%.

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Sectors

Sector Update: Energy

Energy stocks gained late Tuesday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.The Philadelphia Oil Service Sector Index climbed 2.3%, and the Dow Jones US Utilities Index increased 0.3%.Oil prices rose as a faltering ceasefire between the US and Iran kept the Strait of Hormuz closed. Front-month West Texas Intermediate gained 4.3% to $102.28 a barrel, and global benchmark Brent advanced 3.4% to $107.78 a barrel.Henry Hub natural gas futures fell 2.4% to $2.84 per 1 million BTU.In corporate news, TotalEnergies (TTE) and its partners ConocoPhillips (COP) and QatarEnergy signed a memorandum of understanding Tuesday with Syrian Petroleum relating to the exploration of block 3, offshore Syria in the eastern Mediterranean Sea, the company said. TotalEnergies shares rose 1.1%, and ConocoPhillips added 1.9%.

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Oil & Energy

TotalEnergies, QatarEnergy, ConocoPhillips Sign Syria Offshore Exploration MoU

TotalEnergies (TTE), QatarEnergy and ConocoPhillips signed an offshore exploration agreement with the Syrian Petroleum Company for Syria's Block 3 area in the Mediterranean Sea, TotalEnergies said Tuesday.The partners will review Syria's offshore Block 3 area under the memorandum of understanding, which also sets terms for future technical and commercial exploration discussions."We are pleased to enter into this new partnership with the Syrian Petroleum Company with which we had a long and fruitful relationship from 1988 to 2011," said Julien Pouget, senior vice president at TotalEnergies."We look forward to cooperating with QatarEnergy and ConocoPhillips to assess Syrian offshore exploration opportunities in the Mediterranean Sea," Pouget added.Price: $91.77, Change: $+1.08, Percent Change: +1.19%

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Equities

TotalEnergies, ConocoPhillips, QatarEnergy Sign Memorandum of Understanding for Offshore Syria Exploration

TotalEnergies (TTE) and its partners ConocoPhillips (COP) and QatarEnergy signed a memorandum of understanding Tuesday with Syrian Petroleum relating to the exploration of block 3, offshore Syria in the eastern Mediterranean Sea, the company said.The MoU includes a technical review of the block 3 area and sets out a preliminary basis for talks related to exploration activities, the company said.

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Commodities

ConocoPhillips Advances Greater Ekofisk Project With 11 New Wells Approved

ConocoPhillips (COP) on Tuesday said it secured Norwegian government approval for a redevelopment project targeting up to 120 million barrels of oil equivalent.Norway's Ministry of Energy cleared Plans for the Development and Operation for Previously Produced Fields Project, which will revive the Albuskjell, Vest Ekofisk, and Tommeliten Gamma assets in the Greater Ekofisk Area.Through a subsea tie-back connected to the Ekofisk Complex, ConocoPhillips plans to return the previously shut-in producing fields to operation.Four subsea templates and a shared pipeline system will support 11 new wells under the project. Recoverable resources are estimated between 90 mmboe and 120 mmboe.First production is expected in Q4 2028, while the project will increase Norwegian gas supplies flowing into Europe.By reusing existing infrastructure, the partners can unlock large volumes of resources at lower cost while strengthening gas exports from Norway into Europe, ConocoPhillips' Europe and North Africa President Steinar Vage said.ConocoPhillips is the operator of the fields, along with a consortium of partners including Var Energi with a 52.3% stake in Albuskjell and Vest Ekofisk, while ConocoPhillips Skandinavia holds 35.1% and Orlen Upstream Norway controls 7.6%, with Petoro owning the remaining 5% stake.In Tommeliten Gamma, Orlen Upstream Norway holds 62.6%, ConocoPhillips Skandinavia 28.3%, and Var Energi 9.1%.Price: $114.48, Change: $-0.40, Percent Change: -0.35%

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Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index increasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was decreasing 0.2%, and the Dow Jones US Utilities Index was shedding 0.4%.In sector news, oil prices jumped as fighting in the Iran war flared up again. The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. Tehran fired missiles and drones at the United Arab Emirates, the UAE's Defense Ministry said in a post on X earlier in the day.Front-month West Texas Intermediate crude oil climbed 3.2% to $105.22 a barrel, and the global benchmark Brent crude contract jumped 5.5% to $114.10 a barrel. Henry Hub natural gas futures rose 2.5% to $2.85 per 1 million BTU.In corporate news, Clean Energy Fuels (CLNE) shares gained 3.7% after the firm said Monday it is opening six new renewable natural gas stations along major US freight transportation routes to expand its station network.Chevron's (CVX) Q1 financial results set up a "meaningful" acceleration in sequential earnings, with momentum building through the rest of this year and into the first half of 2027, UBS said in a note. UBS kept its buy rating and increased its price target to $220 from $218. Chevron shares were rising 0.90%.Hess Midstream (HESM) shares climbed 3.8% after it posted higher Q1 earnings and revenue.ConocoPhillips (COP) will add drilling rigs to sustain operational efficiencies, given the duration of Permian inventory, which should ramp production starting in 2027, RBC Capital Markets said in a note. ConocoPhillips shares rose 1.4%.

$CLNE$COP$CVX$HESM
Commodities

US Land Rig Count Slides as Permian Activity Softens, RBC Says

The US land rig count slides for a second consecutive week, pressured by a pullback in oil-directed drilling, RBC Capital Markets strategists said in a note on Sunday.Total US land rig count fell by six week-on-week to 525, RBC analysts said, citing Baker Hughes. The decline was driven by the oil-directed side of the business, which saw six units sidelined, bringing the total to 389. Gas-oriented activity held steady at 129 rigs.The Permian Basin, the largest US shale region, saw activity edge lower, with the rig count slipping by one to 241. RBC said that the Permian Basin continues to dominate US drilling, accounting for about 62% of oil-directed rigs in the Lower 48 and 47% of total land rigs.The most active drilling companies in the Permian are Helmerich & Payne (HP) with 88 rigs, Patterson-UTI Energy (PTEN) with 32 rigs, and Nabors Industries (NBR) with 29 rigs. Exxon Mobil (XOM) led the operators with 34 rigs, followed by Occidental (OXY) with 20 and ConocoPhillips (COP) with 17.Eagle Ford activity climbed one rig to 43, while the Williston Basin was unchanged at 28. Gas-focused regions showed modest strength, with the Haynesville Shale gaining two rigs to 58, while Appalachian Basin activity held flat at 37.RBC said that private operators continue to play a significant role in key basins, though their share of activity has declined in some areas. Private firms in the Permian accounted for 39% of active rigs, down from 43% a year earlier, while in the Eagle Ford their share fell to 37% from 46%.Private operators, by contrast, still dominate the Haynesville, accounting for about 72% of rigs, unchanged from last year.Price: $124.79, Change: $+1.60, Percent Change: +1.30%

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Sectors

Sector Update: Energy Stocks Higher Monday Afternoon

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index increasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was decreasing 0.3%, and the Dow Jones US Utilities Index was shedding 0.5%.In sector news, oil prices rose as investors weighed military action in the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows. Military tensions were fanning up in Hormuz on Monday, as several ships were struck amid Iranian threats and the US sent in destroyers and fought off further attacks, The Wall Street Journal reported. The skirmishes followed President Donald Trump's initiative to get ships bottled up in the Persian Gulf out through the crucial waterway, the Journal said.Front-month West Texas Intermediate crude oil was rising 3.2% to $105.19 a barrel, and the global benchmark Brent crude contract was advancing 5.1% to $113.69 a barrel. Henry Hub natural gas futures rose 2.9% to $2.86 per 1 million BTU.In corporate news, Chevron's (CVX) Q1 financial results set up a "meaningful" acceleration in sequential earnings, with momentum building through the rest of this year and into the first half of 2027, UBS analysts said in a note. UBS kept a buy rating on the stock and increased its price target to $220 from $218. Chevron shares were rising 0.9%.Hess Midstream (HESM) shares added 3.7% after it posted higher Q1 earnings and revenue.ConocoPhillips (COP) will add drilling rigs to sustain operational efficiencies, given the duration of Permian inventory, which should ramp production starting in 2027, RBC Capital Markets said in a note. ConocoPhillips shares rose 1.1%.

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Wire

ConocoPhillips' Drilling Rigs Expansion to Ramp Production in 2027, RBC Capital Markets Says

ConocoPhillips (COP) will add drilling rigs to sustain operational efficiencies, given the duration of Permian inventory, which should ramp production starting in 2027, RBC Capital Markets said in a note Sunday.The company likely has two decades of inventory that can grow Permian production at a low-to-mid single digit rate, the brokerage said. Performance in Q1 was better than expected while impacts to offline production in Qatar were largely offset by higher commodity prices, analysts wrote.The company now expects oil demand to remain flat in 2026, compared with prior outlook of growth. RBC said it expects 2026 and 2027 free cash flow of $14.06 billion and $13.78 billion, respectively.The brokerage has an outperform rating on the stock and price target of $152 per share.Shares of ConocoPhillips were up more than 1% in Monday trading.Price: $124.74, Change: $+1.55, Percent Change: +1.26%

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Oil & Energy

Market Chatter: Oil Markets Likely to Pivot Higher as Reserves Dwindle With Hormuz Strait Closed

Crude oil markets may be on the verge of pivoting towards a period of sustained higher prices with the Strait of Hormuz now closed for more than two months, some of America's biggest oil companies are warning, Bloomberg reported on Friday.Global stockpiles, strategic reserves and volumes stored on vessels before Feb. 28 -- the start of Iran war -- are now steadily being used up, according to Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP).These supplies have been providing a buffer against higher prices in the last two months but are now running low, said Chevron Chief Financial Officer Eimear Bonner in an interview on Friday with Bloomberg TV."A lot of the inventory and spare capacity has been depleted already," Bonner said. "There's very little of the buffer left."Bloomberg notes that at just above $100 per barrel, oil prices are far from record levels, even with a key through-route for about a fifth of the world's oil and gas closed for now more than two months.When current reserves run out, prices are likely to reflect the increased imbalance between supply and demand quite quickly, said Exxon CEO Darren Woods on a call with analysts on Friday, Bloomberg reported."It's obvious to most that if you look at the unprecedented disruption and the world's supply of oil and natural gas, the market hasn't seen the full impact of that yet," he said. "There's more to come if the strait remains closed."ConocoPhillips Chief Financial Officer Andy O'Brien describes the increases in oil prices since the global energy crisis began as merely a "grace period" because ships that crossed the Strait of Hormuz took weeks more to deliver their cargoes, buffering the supply impact.Crude markets have been in a "grace period" since late February until now because ships loaded before the war take weeks to complete their journeys and so have still been delivering cargoes, O'Brien said on a call with analysts Thursday."Now, all of those have reached their destination," he said. "The impacts of the lost supply is going to start to become more apparent," he said, predicting that "critical shortages" would appear in import-dependent countries by June or July.The Bloomberg article made reference to a JPMorgan Chase (JPM) note by analyst Natasha Kaneva which said that developed countries would fall to their lowest ever by September if the strait remains closed and force consumption lower.has contacted the three oil companies to confirm the comments.(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.)

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Equities

Big Oil Warns of Further Price Surge as Hormuz Disruption Drains Buffers

Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP) have warned that global energy markets may face further price increases as supply buffers are rapidly being depleted amid the ongoing Strait of Hormuz disruption, Bloomberg reported on Friday.Executives said inventories, strategic reserves and floating storage have helped cushion prices so far, but those supplies are now running low, reducing the market's ability to absorb prolonged supply shocks.Chevron's CFO told Bloomberg that much of the spare capacity has already been used, leaving limited leeway if the disruption continues, while Exxon's CEO warned markets have yet to fully reflect the scale of the supply hit.With roughly a fifth of global oil and LNG flows typically passing through the strait, companies indicated that a prolonged closure could push crude prices significantly higher.

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