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ConocoPhillips (COP) Makes Minor Gas Discovery in Norway
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ConocoPhillips (COP - Free Report) , through its Norway-based subsidiary ConocoPhillips Skandinavia, made a minor natural gas discovery in the Skarv field, located in the northern part of the Norwegian Sea.
The company made the discovery in the 6507/4-3 S wildcat well. Using the Transocean Norge drilling rig, the well was drilled 30 kilometers southwest of the Skarv field in the Norwegian Sea.
In April 2022, ConocoPhillips was awarded a drilling permit by the Norwegian authorities for the 6507/4-3 S well in production license 1064. This is the first exploration well in production license 1064, which was awarded in APA 2019. ConocoPhillips operates the license with a 40% interest.
Based on preliminary estimates, the size of the latest discovery is estimated to hold less than 0.1 million standard cubic meters of recoverable oil equivalent. The well’s results will be examined by the licensees to gain insight for further prospectivity in the license area.
The well was not formation tested, but extensive data collection and sampling were performed. The well, which was drilled 3914 meters below the water surface, was terminated in the Lange Formation from the Late Cretaceous. It will be permanently plugged and abandoned now.
The latest discovery will unlock additional areas for further oil and gas exploration in the region, and help enhance the gas production with future appraisal and development activities.
Headquartered in Houston, TX, ConocoPhillips primarily explores and produces oil and natural gas. The company holds many acres in the three big oil-rich unconventional plays — Eagle Ford shale, Delaware Basin and Bakken shale.
Antero Resources is among the fast-growing natural gas producers in the United States. For 2022, AR expects to generate more than $2.5 billion of free cash flow, suggesting a significant improvement from the $849 million reported last year.
Antero Resources is targeting a capital return program of 25-50% of free cash flow annually, beginning with the implementation of the share repurchase program. The company’s board authorized a share repurchase program that enables it to repurchase up to $1 billion of outstanding common stock.
Phillips 66 is the leading player in each of its operations like refining, chemicals and midstream in terms of size, efficiency and strengths. PSX currently has a Zacks Style Score of A for Growth and Momentum, and B for Value.
Phillips 66 has hiked its quarterly dividend to 97 cents per share, representing an increase of 5% from the prior quarter. With the recent resumption of the stock repurchase program, the increment in the quarterly dividend represents Phillips 66’s strong focus on returning capital to stockholders. Since the company’s inception in 2012, this has resulted in its 11th annual dividend hike.
Enterprise Products Partners is among the leading midstream energy players in North America. EPD is also well-positioned to generate additional cash flow from under-construction growth capital projects worth $4.6 billion.
Enterprise Products Partners is strongly committed to returning cash to shareholders. The partnership’s board of directors increased its cash distribution to 46.5 cents per unit, suggesting a 3.3% hike from the previous dividend of 45 cents.
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ConocoPhillips (COP) Makes Minor Gas Discovery in Norway
ConocoPhillips (COP - Free Report) , through its Norway-based subsidiary ConocoPhillips Skandinavia, made a minor natural gas discovery in the Skarv field, located in the northern part of the Norwegian Sea.
The company made the discovery in the 6507/4-3 S wildcat well. Using the Transocean Norge drilling rig, the well was drilled 30 kilometers southwest of the Skarv field in the Norwegian Sea.
In April 2022, ConocoPhillips was awarded a drilling permit by the Norwegian authorities for the 6507/4-3 S well in production license 1064. This is the first exploration well in production license 1064, which was awarded in APA 2019. ConocoPhillips operates the license with a 40% interest.
Based on preliminary estimates, the size of the latest discovery is estimated to hold less than 0.1 million standard cubic meters of recoverable oil equivalent. The well’s results will be examined by the licensees to gain insight for further prospectivity in the license area.
The well was not formation tested, but extensive data collection and sampling were performed. The well, which was drilled 3914 meters below the water surface, was terminated in the Lange Formation from the Late Cretaceous. It will be permanently plugged and abandoned now.
The latest discovery will unlock additional areas for further oil and gas exploration in the region, and help enhance the gas production with future appraisal and development activities.
Headquartered in Houston, TX, ConocoPhillips primarily explores and produces oil and natural gas. The company holds many acres in the three big oil-rich unconventional plays — Eagle Ford shale, Delaware Basin and Bakken shale.
ConocoPhillips currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the energy space are Antero Resources Corporation (AR - Free Report) , Phillips 66 (PSX - Free Report) and Enterprise Products Partners (EPD - Free Report) . All companies currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Antero Resources is among the fast-growing natural gas producers in the United States. For 2022, AR expects to generate more than $2.5 billion of free cash flow, suggesting a significant improvement from the $849 million reported last year.
Antero Resources is targeting a capital return program of 25-50% of free cash flow annually, beginning with the implementation of the share repurchase program. The company’s board authorized a share repurchase program that enables it to repurchase up to $1 billion of outstanding common stock.
Phillips 66 is the leading player in each of its operations like refining, chemicals and midstream in terms of size, efficiency and strengths. PSX currently has a Zacks Style Score of A for Growth and Momentum, and B for Value.
Phillips 66 has hiked its quarterly dividend to 97 cents per share, representing an increase of 5% from the prior quarter. With the recent resumption of the stock repurchase program, the increment in the quarterly dividend represents Phillips 66’s strong focus on returning capital to stockholders. Since the company’s inception in 2012, this has resulted in its 11th annual dividend hike.
Enterprise Products Partners is among the leading midstream energy players in North America. EPD is also well-positioned to generate additional cash flow from under-construction growth capital projects worth $4.6 billion.
Enterprise Products Partners is strongly committed to returning cash to shareholders. The partnership’s board of directors increased its cash distribution to 46.5 cents per unit, suggesting a 3.3% hike from the previous dividend of 45 cents.