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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.

Sectors

Sector Update: Energy Stocks Rise Monday Afternoon

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.5%.The Philadelphia Oil Service Sector Index was climbing 3.2%, and the Dow Jones US Utilities Index was down 0.7%.Front-month West Texas Intermediate crude oil was rising 1.4% to $106.89 a barrel, and the global benchmark Brent crude contract was advancing 1.6% to $111.01 a barrel. Henry Hub natural gas futures rose 2.3% to $3.03 per 1 million BTU.In sector news, Treasury Secretary Scott Bessent said Monday on X the US Treasury is issuing a temporary 30-day license allowing nations to access Russian oil currently stranded at sea.In corporate news, NextEra Energy (NEE) and Dominion Energy (D) said they have agreed to merge in all-stock deal to create the largest regulated electric utility in the world. Dominion's shareholders will get 0.8138 of NextEra's shares for each share owned, giving them a 25.5% stake in the combined entity, they said, adding that NextEra's shareholders will have the balance. NextEra was down 6.8%, and Dominion jumped past 8%.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. ConocoPhillips shares rose 1.5%.Compass Minerals International (CMP) said it plans to re-enter the lithium market via a partnership with startup EnergyX to extract lithium from Utah's Great Salt Lake, Reuters reported. Compass shares added 0.7%.

$CMP$COP$D$NEE
Sectors

Sector Update: Energy Stocks Lean Lower Pre-Bell Monday

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 1.5% and the United States Natural Gas Fund (UNG) was 9.7% higher.Front-month US West Texas Intermediate crude oil was 1.8% lower at $103.58 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.4% to $107.89 per barrel, and natural gas futures were up 3% at $3.05 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 1% premarket.Phillips 66 (PSX) shares were down nearly 2% after the company said it is proceeding with the development of the Zeus Gas Plant and a third Coastal Bend Fractionator to expand its natural gas operations.Eni (E) said it plans to issue new fixed-rate bonds with five-year and nine-year maturities under its existing euro medium-term note program. Eni stock was 0.6% higher pre-bell.

$COP$E$PSX$UNG$USO$XLE
Equities

Capital One Securities Adjusts ConocoPhillips Price Target to $154 From $156, Maintains Equal Weight 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://finwires.com/en/contact)

$COP
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.

$COP
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.

$COP
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://finwires.com/en/contact)

$COP
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.)

$COP$SHEL$XOM
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%.

$BP$COP$XOM
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

$COP$CVX$OXY$XOM
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://finwires.com/en/contact)

$COP
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://finwires.com/en/contact)

$COP
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%.

$COP$E$EC$TRGP$TTE
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%.

$COP$TTE
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%

$COP$TTE
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.

$COP$TTE
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%

$COP
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%

$COP$OXY$PTEN$XOM
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%.

$COP$CVX$HESM

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