Upstream energy player ConocoPhillips (COP - Free Report) has committed to contribute $5 million for providing relief to victims of the tropical storm — Harvey.
The cyclone has been responsible for heavy downpour in the Texas and Louisiana Gulf Coast regions. Thousands have been reallocated as water levels continue to rise. Harvey has claimed a number of lives while a few are injured.
ConocoPhillips has raised its contributions to the American Red Crossto $2.5 million. For the United Way of Greater Houston, the company has allocated $2.5 million.
Hit by Harvey, ConocoPhillips suspended drilling operations in the Eagle Ford shale play of Texas area as precautionary measures. In fact, five rigs were kept idle in the region. However, the upstream player is now restarting a few of its Eagle Ford wells.
Houston, TX-based ConocoPhillips is among the leading exploration and production players in the world having significant oil and gas reserves. The company managed to surpass the Zacks Consensus Estimate for earnings in three of the last four quarters, the average positive surprise being 133.98%.
However, the company’s pricing performance history fails to impress. Year to date, ConocoPhillips – belonging to the Zacks Oil Exploration & Production industry -- has lost almost 15%.
A few better-ranked players in the energy sector are TransCanada Corporation (TRP - Free Report) , Transmontaigne Partners LP (TLP - Free Report) and Range Resources Corporation (RRC - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Headquartered in Calgary, Canada, TransCanada is a midstream energy firm in North America. The company delivered an average positive earnings surprise of 4.06% over the last four quarters.
Transmontaigne – headquartered in Denver, CO – is involved in the transportation and storing of refined petroleum products. The firm posted an average positive earnings surprise of 6.60% over the last four quarters.
Based in Fort Worth, TX, Range Resources is an independent oil and gas company, engaged in the exploration, development and acquisition of U.S. oil and gas resources. The company’s 2017 earnings are estimated to grow 116.5%.
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