We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ConocoPhillips (COP) Releases Updates on Buy & Sell Activity
Read MoreHide Full Article
ConocoPhillips (COP - Free Report) released updates on its disposition and early life-cycle acreage acquisition activities.
During the first quarter of 2018, ConocoPhillips raised proceeds of more than $250 million from the sale of non-core assets. Additionally, the company closed or entered into a definitive agreements relating to numerous small packages in the Permian Basin. The company is expected to close a package of largely unexplored acreage in South Texas during the second quarter. These transactions are not likely to dent the company’s production. The earlier announced disposition program is expected to be complete in the second quarter of 2018.
In North America, the company has established or expanded positions in two early life-cycle and liquids-rich unconventional plays. In February, ConocoPhillips purchased about 245,000 net acres of early life-cycle unconventional acreage in the Lower 48 for very low entry cost. Recently, the company recognized that a large amount of the acreage is in the Austin Chalk play in central Louisiana. Beginning in 2018, ConocoPhillips projects to drill several exploration wells in the new position. This program will be funded from within the company’s announced exploration budget.
Recently, ConocoPhillips obtained about 35,000 net acres in the Montney play in Canada for about $120 million. This new acreage is close to the company’s existing position in the liquids-rich portion of the Montney. With this purchase, the company’s total holding in the liquids-rich Montney play is about 140,000 net acres. The exploration and appraisal work, which is in progress for this acreage, will also be funded from the existing exploration budget.
ConocoPhillips is one of the industry’s most active players in managing asset portfolio through a combination of acquisitions and disposals. With a bigger inventory of unconventional resource potential than other domestic independent, ConocoPhillips boasts a leading position among the top unconventional liquids-rich plays, comprising Eagle Ford and Permian Basin shale plays. Further, with the addition of acreage in Lower 48 and Montney play, the company’s portfolio is widened. The funds received from divestments were used to fund these purchases. These actions are in line with its strategic priorities, which are intended to boost value for its shareholders.
Price Performance
ConocoPhillips’ shares have gained 3.1% in the last three months, against the industry’s 4.3% decline.
Zacks Rank & Key Picks
ConocoPhillips carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc , Pioneer Natural Resources Company (PXD - Free Report) and Concho Resources Inc . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It delivered an average positive earnings surprise of 64.9% over the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
Concho Resources is an independent oil and natural gas company. It delivered a positive surprise of 48.9% during the same time frame.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
ConocoPhillips (COP) Releases Updates on Buy & Sell Activity
ConocoPhillips (COP - Free Report) released updates on its disposition and early life-cycle acreage acquisition activities.
During the first quarter of 2018, ConocoPhillips raised proceeds of more than $250 million from the sale of non-core assets. Additionally, the company closed or entered into a definitive agreements relating to numerous small packages in the Permian Basin. The company is expected to close a package of largely unexplored acreage in South Texas during the second quarter. These transactions are not likely to dent the company’s production. The earlier announced disposition program is expected to be complete in the second quarter of 2018.
In North America, the company has established or expanded positions in two early life-cycle and liquids-rich unconventional plays. In February, ConocoPhillips purchased about 245,000 net acres of early life-cycle unconventional acreage in the Lower 48 for very low entry cost. Recently, the company recognized that a large amount of the acreage is in the Austin Chalk play in central Louisiana. Beginning in 2018, ConocoPhillips projects to drill several exploration wells in the new position. This program will be funded from within the company’s announced exploration budget.
Recently, ConocoPhillips obtained about 35,000 net acres in the Montney play in Canada for about $120 million. This new acreage is close to the company’s existing position in the liquids-rich portion of the Montney. With this purchase, the company’s total holding in the liquids-rich Montney play is about 140,000 net acres. The exploration and appraisal work, which is in progress for this acreage, will also be funded from the existing exploration budget.
ConocoPhillips is one of the industry’s most active players in managing asset portfolio through a combination of acquisitions and disposals. With a bigger inventory of unconventional resource potential than other domestic independent, ConocoPhillips boasts a leading position among the top unconventional liquids-rich plays, comprising Eagle Ford and Permian Basin shale plays. Further, with the addition of acreage in Lower 48 and Montney play, the company’s portfolio is widened. The funds received from divestments were used to fund these purchases. These actions are in line with its strategic priorities, which are intended to boost value for its shareholders.
Price Performance
ConocoPhillips’ shares have gained 3.1% in the last three months, against the industry’s 4.3% decline.
Zacks Rank & Key Picks
ConocoPhillips carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc , Pioneer Natural Resources Company (PXD - Free Report) and Concho Resources Inc . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It delivered an average positive earnings surprise of 64.9% over the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
Concho Resources is an independent oil and natural gas company. It delivered a positive surprise of 48.9% during the same time frame.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>