ConocoPhillips (COP - Free Report) and oil producer Hilcorp Energy are negotiating with the state of Alaska to obtain natural gas for the Alaska liquefied natural gas (“LNG”) project, per a report by Bloomberg.
Global natural gas prices have increased significantly in the wake of Russia’s aggressive invasion of Ukraine, thereby increasing the prospects of LNG exports to Asia along the Pacific Coast.
The Alaska LNG project would liquefy natural gas for export to Asia markets. The project has a federal permit to produce and export 20 million tons of LNG per year.
The massive project is designed to commercialize the natural gas resources of Alaska’s North Slope through LNG exports. However, the terms of the negotiations were not disclosed.
ConocoPhillips has been a leader in oil and gas exploration and development in Alaska for more than 50 years. Notably, the company produced 70.9 billion cubic feet of natural gas last year.
ConocoPhillips supports natural gas sales from the wellhead to the Alaska LNG project. ConocoPhillips and Hilcorp are active drillers in Alaska, with Hilcorp producing 3.4 billion cubic feet of gas in 2021.
The negotiation follows a trade mission to Japan, where Alaska officials met with Japan-based companies, utilities and government authorities about obtaining Alaska’s natural gas and evaluating the state’s potential to export various fuel sources.
The project has signed letters of intent with Asia buyers, whose identities are secured by non-disclosure agreements. A final investment decision is likely to be made by early 2024, while production could commence in 2027.
ConocoPhillips currently carries a Zack Rank #3 (Hold). Investors interested in the energy sector might look at the following stocks that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kinder Morgan, Inc. (KMI - Free Report) is a leading midstream energy infrastructure provider in North America. KMI expects to generate a net income of $2.5 billion in 2022. The company anticipates DCF and adjusted EBITDA of $4.7 billion and $7.2 billion, respectively. Moreover, to strengthen the balance sheet, it is planning to end this year with a net debt to adjusted EBITDA of 4.3 times.
With a strong focus on returning capital to shareholders, Kinder Morgan projects the annual dividend at $1.11 per share. The company’s board of directors approved a cash dividend of 27.75 cents per share for the first quarter of 2022. This suggests a 2.8% increase from the prior dividend of 27 cents per share.
Calgary, Canada-based Cenovus Energy, Inc. (CVE - Free Report) is a leading integrated energy firm. With multiple divestments announced last year, Cenovus reached its asset sale commitment for 2021, making it well-positioned to focus on high-return opportunities in the portfolio.
Cenovus has a strong focus on returning capital to shareholders. The company increased the quarterly base dividend to 10.5 Canadian cents per share, suggesting a 200% increase from 3.5 Canadian cents per share. This year’s commitment to growing shareholders’ returns comprises the plan to buy back up to 146.5 million common shares.
Cactus Inc. (WHD - Free Report) manufactures, designs and sells wellhead and pressure control equipment. The company’s board declared a quarterly cash dividend of 11 cents per share. This reflects an increment of 10% from the prior dividend payout.
At the first-quarter end, Cactus had cash and cash equivalents of $297.7 million, which can provide it with immense financial flexibility. The company has a strong balance sheet and revealed that it has no bank debt outstanding as of Mar 31, 2022.
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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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ConocoPhillips (COP - Free Report) and oil producer Hilcorp Energy are negotiating with the state of Alaska to obtain natural gas for the Alaska liquefied natural gas (“LNG”) project, per a report by Bloomberg.
Global natural gas prices have increased significantly in the wake of Russia’s aggressive invasion of Ukraine, thereby increasing the prospects of LNG exports to Asia along the Pacific Coast.
The Alaska LNG project would liquefy natural gas for export to Asia markets. The project has a federal permit to produce and export 20 million tons of LNG per year.
The massive project is designed to commercialize the natural gas resources of Alaska’s North Slope through LNG exports. However, the terms of the negotiations were not disclosed.
ConocoPhillips has been a leader in oil and gas exploration and development in Alaska for more than 50 years. Notably, the company produced 70.9 billion cubic feet of natural gas last year.
ConocoPhillips supports natural gas sales from the wellhead to the Alaska LNG project. ConocoPhillips and Hilcorp are active drillers in Alaska, with Hilcorp producing 3.4 billion cubic feet of gas in 2021.
The negotiation follows a trade mission to Japan, where Alaska officials met with Japan-based companies, utilities and government authorities about obtaining Alaska’s natural gas and evaluating the state’s potential to export various fuel sources.
The project has signed letters of intent with Asia buyers, whose identities are secured by non-disclosure agreements. A final investment decision is likely to be made by early 2024, while production could commence in 2027.
ConocoPhillips currently carries a Zack Rank #3 (Hold). Investors interested in the energy sector might look at the following stocks that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kinder Morgan, Inc. (KMI - Free Report) is a leading midstream energy infrastructure provider in North America. KMI expects to generate a net income of $2.5 billion in 2022. The company anticipates DCF and adjusted EBITDA of $4.7 billion and $7.2 billion, respectively. Moreover, to strengthen the balance sheet, it is planning to end this year with a net debt to adjusted EBITDA of 4.3 times.
With a strong focus on returning capital to shareholders, Kinder Morgan projects the annual dividend at $1.11 per share. The company’s board of directors approved a cash dividend of 27.75 cents per share for the first quarter of 2022. This suggests a 2.8% increase from the prior dividend of 27 cents per share.
Calgary, Canada-based Cenovus Energy, Inc. (CVE - Free Report) is a leading integrated energy firm. With multiple divestments announced last year, Cenovus reached its asset sale commitment for 2021, making it well-positioned to focus on high-return opportunities in the portfolio.
Cenovus has a strong focus on returning capital to shareholders. The company increased the quarterly base dividend to 10.5 Canadian cents per share, suggesting a 200% increase from 3.5 Canadian cents per share. This year’s commitment to growing shareholders’ returns comprises the plan to buy back up to 146.5 million common shares.
Cactus Inc. (WHD - Free Report) manufactures, designs and sells wellhead and pressure control equipment. The company’s board declared a quarterly cash dividend of 11 cents per share. This reflects an increment of 10% from the prior dividend payout.
At the first-quarter end, Cactus had cash and cash equivalents of $297.7 million, which can provide it with immense financial flexibility. The company has a strong balance sheet and revealed that it has no bank debt outstanding as of Mar 31, 2022.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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