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ConocoPhillips Clears Key Hurdle Ahead of Australian Drilling Push
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ConocoPhillips’ (COP - Free Report) subsidiary ConocoPhillips Australia (“COPA”) has completed seabed surveys at targeted drilling locations in the Otway Basin offshore Australia, paving the way for its upcoming exploration program.
The seabed assessment supports preparations for a drilling campaign scheduled to begin in the third quarter of 2025 using the Transocean Equinox semi-submersible rig. The data collected will inform drilling safety and environmental planning as COPA advances the Otway Exploration Drilling Program (“OEDP”) off the coasts of Victoria and Tasmania.
COP's Otway Venture Gains Momentum With KNOC Onboard
The surveys were finalized just as Korea National Oil Corporation (“KNOC”) joined COPA and Melbourne-based 3D Energi in the Otway gas hunt. The two active permits — VIC/P79 and T/49P — are located in Commonwealth waters adjacent to existing gas-producing fields.
Currently, COPA holds an 80% stake while 3D Energi’s subsidiary TDO holds 20%. Under a farm-down agreement pending regulatory approval, COPA will reduce its stake to 51%, KNOC will assume a 29% share, and 3D Energi will retain 20%.
COP Plans to Bolster Domestic Gas Supply
The upcoming exploration drilling aims to identify natural gas reserves that can feed Australia’s domestic energy market. ConocoPhillips emphasized the importance of natural gas for reliable electricity generation, industrial processes and household heating.
ConocoPhillips noted that natural gas development has a long and established history in the region and continues to play a key role in meeting Australia's future energy needs. The company also emphasized that its environmental plan for the program incorporates strong mitigation measures designed to minimize impacts on the marine environment to the lowest feasible and acceptable levels.
COP Aligns Australia Push With Global Portfolio Moves
While advancing its Australian drilling plans, ConocoPhillips continues to reshape its global portfolio. The company recently exited its stakes in certain Shell-operated assets in the Gulf of America (formerly the Gulf of Mexico), signaling its intent to focus capital on high-return exploration opportunities like Otway.
With seabed surveys now complete and new partners joining the effort, ConocoPhillips is well-positioned to kick off a critical exploration phase in the Otway Basin, reinforcing its long-term commitment to Australia's gas security.
COP’s Zacks Rank & Key Picks
COP currently carries a Zack Rank #5 (Strong Sell).
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2025 EPS is pegged at $1.31. The company has a Value Score of A.
Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer’s systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line.
The Zacks Consensus Estimate for ET’s 2025 EPS is pegged at $1.44. The company has a Value Score of A.
RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC’s current dividend yield is higher than that of the composite stocks in the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans to further expand high-efficiency equipment to enhance operational capabilities.
The Zacks Consensus Estimate for RES’ 2025 EPS is pegged at 38 cents. The company has a Value Score of A.
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ConocoPhillips Clears Key Hurdle Ahead of Australian Drilling Push
ConocoPhillips’ (COP - Free Report) subsidiary ConocoPhillips Australia (“COPA”) has completed seabed surveys at targeted drilling locations in the Otway Basin offshore Australia, paving the way for its upcoming exploration program.
The seabed assessment supports preparations for a drilling campaign scheduled to begin in the third quarter of 2025 using the Transocean Equinox semi-submersible rig. The data collected will inform drilling safety and environmental planning as COPA advances the Otway Exploration Drilling Program (“OEDP”) off the coasts of Victoria and Tasmania.
COP's Otway Venture Gains Momentum With KNOC Onboard
The surveys were finalized just as Korea National Oil Corporation (“KNOC”) joined COPA and Melbourne-based 3D Energi in the Otway gas hunt. The two active permits — VIC/P79 and T/49P — are located in Commonwealth waters adjacent to existing gas-producing fields.
Currently, COPA holds an 80% stake while 3D Energi’s subsidiary TDO holds 20%. Under a farm-down agreement pending regulatory approval, COPA will reduce its stake to 51%, KNOC will assume a 29% share, and 3D Energi will retain 20%.
COP Plans to Bolster Domestic Gas Supply
The upcoming exploration drilling aims to identify natural gas reserves that can feed Australia’s domestic energy market. ConocoPhillips emphasized the importance of natural gas for reliable electricity generation, industrial processes and household heating.
ConocoPhillips noted that natural gas development has a long and established history in the region and continues to play a key role in meeting Australia's future energy needs. The company also emphasized that its environmental plan for the program incorporates strong mitigation measures designed to minimize impacts on the marine environment to the lowest feasible and acceptable levels.
COP Aligns Australia Push With Global Portfolio Moves
While advancing its Australian drilling plans, ConocoPhillips continues to reshape its global portfolio. The company recently exited its stakes in certain Shell-operated assets in the Gulf of America (formerly the Gulf of Mexico), signaling its intent to focus capital on high-return exploration opportunities like Otway.
With seabed surveys now complete and new partners joining the effort, ConocoPhillips is well-positioned to kick off a critical exploration phase in the Otway Basin, reinforcing its long-term commitment to Australia's gas security.
COP’s Zacks Rank & Key Picks
COP currently carries a Zack Rank #5 (Strong Sell).
Investors interested in the energy sector may look at some better-ranked stocks like Subsea 7 S.A. (SUBCY - Free Report) , Energy Transfer LP (ET - Free Report) and RPC Inc. (RES - Free Report) . Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2025 EPS is pegged at $1.31. The company has a Value Score of A.
Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer’s systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line.
The Zacks Consensus Estimate for ET’s 2025 EPS is pegged at $1.44. The company has a Value Score of A.
RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC’s current dividend yield is higher than that of the composite stocks in the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans to further expand high-efficiency equipment to enhance operational capabilities.
The Zacks Consensus Estimate for RES’ 2025 EPS is pegged at 38 cents. The company has a Value Score of A.