BP plc (BP - Free Report) has commenced its divestment program for onshore oil and natural gas properties in the United States, per Reuters.
The source added that the asset sale will likely fetch the British energy giant more than $3 billion. The proceeds are expected to be utilized to partly finance the recent purchase of other U.S. resources from BHP Billiton Limited (BHP - Free Report) .
BP is currently focusing on prolific resources in the United States like Permian basin and Eagle Ford shale play. The integrated energy player’s intention to boost production from both the resources is justified despite the oil pricing scenario being presently low — West Texas Intermediate (WTI) crude trading below $50 a barrel. This is because the break-even oil prices of both Permian basin and Eagle Ford are below $30 a barrel, per a presentation by Pioneer Natural Resources Company (PXD).
Investors should know that despite being an integrated energy player, BP generates a significant part of its earnings from upstream businesses. In fact, the company has been banking on a strong portfolio of upstream projects that are expected to fetch significant cash flow. Since 2016, BP has brought 19 key upstream projects online. All the key projects BP have been delivering over the years backed the company’s record production levels.
Presently, BP carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space include Cabot Oil & Gas Corporation and Unit Corporation . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot will likely post earnings growth of 113.2% and 59.9% through 2018 and 2019, respectively.
Unit Corp surpassed the Zacks Consensus Estimate in three of the last four quarters, the average positive earnings surprise being 21.3%.
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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.
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BP plc (BP - Free Report) has commenced its divestment program for onshore oil and natural gas properties in the United States, per Reuters.
The source added that the asset sale will likely fetch the British energy giant more than $3 billion. The proceeds are expected to be utilized to partly finance the recent purchase of other U.S. resources from BHP Billiton Limited (BHP - Free Report) .
BP is currently focusing on prolific resources in the United States like Permian basin and Eagle Ford shale play. The integrated energy player’s intention to boost production from both the resources is justified despite the oil pricing scenario being presently low — West Texas Intermediate (WTI) crude trading below $50 a barrel. This is because the break-even oil prices of both Permian basin and Eagle Ford are below $30 a barrel, per a presentation by Pioneer Natural Resources Company (PXD).
Investors should know that despite being an integrated energy player, BP generates a significant part of its earnings from upstream businesses. In fact, the company has been banking on a strong portfolio of upstream projects that are expected to fetch significant cash flow. Since 2016, BP has brought 19 key upstream projects online. All the key projects BP have been delivering over the years backed the company’s record production levels.
Presently, BP carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space include Cabot Oil & Gas Corporation and Unit Corporation . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot will likely post earnings growth of 113.2% and 59.9% through 2018 and 2019, respectively.
Unit Corp surpassed the Zacks Consensus Estimate in three of the last four quarters, the average positive earnings surprise being 21.3%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>
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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