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ConocoPhillips (COP - Free Report) will be allowed to drill from three places across its Willow site in the National Petroleum Reserve-Alaska, according to the new authorization from the U.S. Department of the Interior. While prohibiting further drilling on more than 13 million acres in Alaska and the Arctic Ocean, the Biden administration has recently approved the construction of the Willow oil drilling project on Alaska's North Slope.
In Willow, the firm initially planned to drill from five well pads, believing that anything less than that would not be economically feasible. The petroleum reserve, which is situated roughly 200 miles north of the Arctic Circle, would be the site of the drilling operation. The reserve is the single biggest expanse of pristine land in the nation and has no roads.
The $8 billion Willow project, headed by oil tycoon ConocoPhillips, is anticipated to produce more than 600 million barrels of petroleum over a 30-year period. There’s a possibility of almost 280 million metric tons of carbon emissions by burning all that oil. That would result in 9.2 million metric tons of carbon emissions annually, which is the same as adding nearly 2 million new automobiles to the road.
The Biden administration's intentions to safeguard the Arctic have been welcomed by climate activists. However, they are upset that it would authorize a project they term as "carbon bomb", and this decision is sure to meet legal challenges from environmental groups.
Zacks Rank & Key Picks
Currently, ConocoPhillips carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy space are CVR Energy (CVI - Free Report) and Valero Energy Corporation (VLO - Free Report) , both sporting a Zacks Rank #1 and Murphy USA Inc. (MUSA - Free Report) carrying a Zacks Rank #2 (Buy).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023 and 2024.
Valero Energy, a TX-based company, is one of the largest independent refiners and marketers of petroleum products in the U.S. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past 30 days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2024.
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ConocoPhillips' (COP) Alaska Oil Project Scores Biden Approval
ConocoPhillips (COP - Free Report) will be allowed to drill from three places across its Willow site in the National Petroleum Reserve-Alaska, according to the new authorization from the U.S. Department of the Interior. While prohibiting further drilling on more than 13 million acres in Alaska and the Arctic Ocean, the Biden administration has recently approved the construction of the Willow oil drilling project on Alaska's North Slope.
In Willow, the firm initially planned to drill from five well pads, believing that anything less than that would not be economically feasible. The petroleum reserve, which is situated roughly 200 miles north of the Arctic Circle, would be the site of the drilling operation. The reserve is the single biggest expanse of pristine land in the nation and has no roads.
The $8 billion Willow project, headed by oil tycoon ConocoPhillips, is anticipated to produce more than 600 million barrels of petroleum over a 30-year period. There’s a possibility of almost 280 million metric tons of carbon emissions by burning all that oil. That would result in 9.2 million metric tons of carbon emissions annually, which is the same as adding nearly 2 million new automobiles to the road.
The Biden administration's intentions to safeguard the Arctic have been welcomed by climate activists. However, they are upset that it would authorize a project they term as "carbon bomb", and this decision is sure to meet legal challenges from environmental groups.
Zacks Rank & Key Picks
Currently, ConocoPhillips carries a Zack Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space are CVR Energy (CVI - Free Report) and Valero Energy Corporation (VLO - Free Report) , both sporting a Zacks Rank #1 and Murphy USA Inc. (MUSA - Free Report) carrying a Zacks Rank #2 (Buy).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023 and 2024.
Valero Energy, a TX-based company, is one of the largest independent refiners and marketers of petroleum products in the U.S. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past 30 days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2024.