Back to top

Analyst Blog

ConocoPhillips (COP - Analyst Report) has extended its service contract with Wood Group. Per the one-year extension, Wood Group will continue to provide operations and maintenance services as well as facilities’ modifications services to ConocoPhillips’ 50 assets in the North Sea. The manned and unmanned facilities are located primarily in the Southern and Central North Sea. ConocoPhillips awarded Wood Group the service contract first in 1992.

Wood Group is a leading international energy services company that provides a range of engineering, production support, maintenance management and industrial gas turbine overhaul & repair services to the oil & gas and power generation industries worldwide.

Houston, Texas-based ConocoPhillips is a major globally integrated oil company engaged in the exploration and production of oil and natural gas, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.

With leading positions in both natural gas and heavy crude oil in North America, as well as a legacy position in the North Sea and growing exposure to lucrative international regions, ConocoPhillips expects to replace reserves and sustain production growth over the long term. ConocoPhillips' exploration initiatives toward liquids-rich plays are gaining momentum through the Eagle Ford, Bakken and North Barnett shale plays.

Again, ConocoPhillips completed the spin-off of its refining/sales business into a separate, independent and publicly traded company, Phillips 66 (PSX) in 2012. With this, ConocoPhillips shifted its total focus to upstream operations and thus oil and gas prices play a major role in determining its performance.

Despite these positive factors, the company’s performances are expected to be weighed down by unpredictable global economic conditions and uncertain oil & natural gas prices. We also remain cautious about the geopolitical risks associated with international activates and operational challenges.

We have a Zacks Rank #3 (Hold) for ConocoPhillips – the third biggest U.S. integrated oil company after ExxonMobil Corporation (XOM - Analyst Report) and Chevron Corporation (CVX - Analyst Report).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
UTD THERAPE… UTHR 117.83 +28.51%
TRIQUINT SE… TQNT 20.67 +6.52%
VASCO DATA… VDSI 14.77 +4.68%
BANCO DO BR… BDORY 15.53 +3.95%
STRATTEC SE… STRT 80.24 +3.00%