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ConocoPhillips (COP) to Supply Gas for U.S. Hydrogen Project
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ConocoPhillips (COP - Free Report) will provide natural gas and handle a carbon capture and storage (“CCS”) facility for a proposed hydrogen gas project in the United States.
The agreement involves the supply of natural gas for a hydrogen project, marking a fresh opportunity for natural gas producers. The project will be developed in association with Japan-based utility JERA.
ConocoPhillips and other energy companies started to organize long-term supply contracts with liquefied natural gas (“LNG”) developers prior to this effort.
The companies seek to produce hydrogen from natural gas and convert it into exportable ammonia for customers in the United States, Europe and Asia. Ammonia, which is usually used for making fertilizers, offers a low-carbon fuel that can produce electricity while burning.
ConocoPhillips, JERA and Germany-based Uniper aim to initially produce 2 million tons per year (“MTPA”) of clean ammonia, with a potential to expand up to 8 MTPA. The companies will be low-cost ammonia suppliers to domestic and international markets.
The facility could be up and running in 5-8 years along the U.S. Gulf Coast. Notably, a feasible study of the proposed project is expected to be completed by 2022 end.
ConocoPhillips has outlined investments in multibillion-dollar U.S. and Qatar LNG projects. It is also assessing a carbon capture facility for an LNG plant. Meanwhile, JERA is considering several places along the Gulf Coast for the hydrogen, ammonia and CCS site.
Hydrogen, as well as carbon capture and storage, is crucial for energy transition to succeed. The proposed project will reduce carbon dioxide emissions in Japan, Germany and Europe by deploying technology, resources and expertise.
The latest collaboration can be viewed as a valuable initiative to support Europe, Germany and other users in times of crisis, with new low-carbon energy supplies coming from the United States.
Company Profile & Price Performance
Headquartered in Houston, TX, ConocoPhillips is a leading upstream energy company.
Shares of COP have outperformed the industry in the past six months. The stock has gained 9.9% compared with the industry’s 9.4% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
ConocoPhillips currently carries a Zack Rank #3 (Hold).
EQT Corporation (EQT - Free Report) is a pure-play Appalachian explorer, which is one of the largest natural gas producers in the United States. For 2022, it expects a free cash flow of $2.2-$2.5 billion, suggesting an increase from $934.7 million reported last year.
EQT Corp has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Momentum. EQT is expected to see earnings growth of 323.9% in 2022.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. The fuel retailer approved a repurchase authorization of up to $1 billion, which will commence once the existing $500-million authorization expires and be completed by Dec 31, 2026.
Murphy USA has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of B for Value and Growth. MUSA is expected to see earnings growth of 43.4% in 2022.
Cheniere Energy Inc. (LNG - Free Report) is primarily engaged in businesses related to liquefied natural gas. Ushering in good news for shareholders, LNG recently declared its inaugural quarterly dividend of 33 cents per share. The company’s decision to initiate a payout reflects the dramatic improvement in its fundamentals.
Cheniere Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. LNG is expected to see earnings growth of 297.8% in 2022.
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ConocoPhillips (COP) to Supply Gas for U.S. Hydrogen Project
ConocoPhillips (COP - Free Report) will provide natural gas and handle a carbon capture and storage (“CCS”) facility for a proposed hydrogen gas project in the United States.
The agreement involves the supply of natural gas for a hydrogen project, marking a fresh opportunity for natural gas producers. The project will be developed in association with Japan-based utility JERA.
ConocoPhillips and other energy companies started to organize long-term supply contracts with liquefied natural gas (“LNG”) developers prior to this effort.
The companies seek to produce hydrogen from natural gas and convert it into exportable ammonia for customers in the United States, Europe and Asia. Ammonia, which is usually used for making fertilizers, offers a low-carbon fuel that can produce electricity while burning.
ConocoPhillips, JERA and Germany-based Uniper aim to initially produce 2 million tons per year (“MTPA”) of clean ammonia, with a potential to expand up to 8 MTPA. The companies will be low-cost ammonia suppliers to domestic and international markets.
The facility could be up and running in 5-8 years along the U.S. Gulf Coast. Notably, a feasible study of the proposed project is expected to be completed by 2022 end.
ConocoPhillips has outlined investments in multibillion-dollar U.S. and Qatar LNG projects. It is also assessing a carbon capture facility for an LNG plant. Meanwhile, JERA is considering several places along the Gulf Coast for the hydrogen, ammonia and CCS site.
Hydrogen, as well as carbon capture and storage, is crucial for energy transition to succeed. The proposed project will reduce carbon dioxide emissions in Japan, Germany and Europe by deploying technology, resources and expertise.
The latest collaboration can be viewed as a valuable initiative to support Europe, Germany and other users in times of crisis, with new low-carbon energy supplies coming from the United States.
Company Profile & Price Performance
Headquartered in Houston, TX, ConocoPhillips is a leading upstream energy company.
Shares of COP have outperformed the industry in the past six months. The stock has gained 9.9% compared with the industry’s 9.4% growth.
Zacks Rank & Stocks to Consider
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.
EQT Corporation (EQT - Free Report) is a pure-play Appalachian explorer, which is one of the largest natural gas producers in the United States. For 2022, it expects a free cash flow of $2.2-$2.5 billion, suggesting an increase from $934.7 million reported last year.
EQT Corp has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Momentum. EQT is expected to see earnings growth of 323.9% in 2022.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. The fuel retailer approved a repurchase authorization of up to $1 billion, which will commence once the existing $500-million authorization expires and be completed by Dec 31, 2026.
Murphy USA has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of B for Value and Growth. MUSA is expected to see earnings growth of 43.4% in 2022.
Cheniere Energy Inc. (LNG - Free Report) is primarily engaged in businesses related to liquefied natural gas. Ushering in good news for shareholders, LNG recently declared its inaugural quarterly dividend of 33 cents per share. The company’s decision to initiate a payout reflects the dramatic improvement in its fundamentals.
Cheniere Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. LNG is expected to see earnings growth of 297.8% in 2022.