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ConocoPhillips (COP - Free Report) recently witnessed a setback for the Willow oil development project in Alaska. U.S. District Court Judge Sharon Gleason vacated Bureau of Land Management's approval for the project on Aug 18 saying the reviews were inadequate, as they didn’t incorporate emissions from foreign oil consumption in the environmental analysis.
The Willow oil development project was expected to produce up to 160,000 barrels of oil per day, per the Bureau of Land Management. Over three decades, the project can churn around 590 million barrels of oil. It received approval from the Trump administration by 2020-end. Also, the Biden administration deemed the oil project as legal.
The company is expected to review the court’s decision and assess other options for the Willow oil project. The agencies involved — including the U.S. Fish and Wildlife Service — and the upstream company will likely have to do parts of the environmental analysis again. Earlier, ConocoPhillips was expected to make construction decision on the project by year-end. A new environmental analysis might introduce delays in the $8-billion capital project. It can also affect the expected new oil volumes in the Trans-Alaska Pipeline System, which is currently running below capacity.
The final investment decision on the Willow oil development is expected to come once the company overcomes legal hurdles. After that, it will take six years to produce the first oil. It views the project as “the next great Alaska hub.” In the investor presentation provided on Jun 30, the company stated that the project will likely have 200 wells located across three drilling sites.
Price Performance
The upstream company’s shares have jumped 33.8% in the year-to-date period.
The Zacks Consensus Estimate for Range Resources’ earnings for 2021 is pegged at $1.53 per share, indicating a massive improvement from the year-ago loss of 9 cents.
Marathon Oil’s bottom line for 2021 is expected to surge 191.4% year over year.
Equinor’s bottom line for 2021 has witnessed three upward estimate revisions and no downward movement in the past 60 days.
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ConocoPhillips' (COP) Willow Oil Project Faces Legal Setback
ConocoPhillips (COP - Free Report) recently witnessed a setback for the Willow oil development project in Alaska. U.S. District Court Judge Sharon Gleason vacated Bureau of Land Management's approval for the project on Aug 18 saying the reviews were inadequate, as they didn’t incorporate emissions from foreign oil consumption in the environmental analysis.
The Willow oil development project was expected to produce up to 160,000 barrels of oil per day, per the Bureau of Land Management. Over three decades, the project can churn around 590 million barrels of oil. It received approval from the Trump administration by 2020-end. Also, the Biden administration deemed the oil project as legal.
The company is expected to review the court’s decision and assess other options for the Willow oil project. The agencies involved — including the U.S. Fish and Wildlife Service — and the upstream company will likely have to do parts of the environmental analysis again. Earlier, ConocoPhillips was expected to make construction decision on the project by year-end. A new environmental analysis might introduce delays in the $8-billion capital project. It can also affect the expected new oil volumes in the Trans-Alaska Pipeline System, which is currently running below capacity.
The final investment decision on the Willow oil development is expected to come once the company overcomes legal hurdles. After that, it will take six years to produce the first oil. It views the project as “the next great Alaska hub.” In the investor presentation provided on Jun 30, the company stated that the project will likely have 200 wells located across three drilling sites.
Price Performance
The upstream company’s shares have jumped 33.8% in the year-to-date period.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
ConocoPhillips currently has a Zacks Rank #1 (Strong Buy). Other top-ranked stocks from the energy space include Range Resources Corporation (RRC - Free Report) , Marathon Oil Corporation (MRO - Free Report) and Equinor ASA (EQNR - Free Report) , each having a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Range Resources’ earnings for 2021 is pegged at $1.53 per share, indicating a massive improvement from the year-ago loss of 9 cents.
Marathon Oil’s bottom line for 2021 is expected to surge 191.4% year over year.
Equinor’s bottom line for 2021 has witnessed three upward estimate revisions and no downward movement in the past 60 days.