ConocoPhillips (COP - Free Report) has wrapped up its 2018 winter exploration and appraisal program in Alaska. The outcome of the program holds promise and the company intends to expand its track record of operational success and value creation in Alaska.
Initially, ConocoPhillips had planned to drill five wells on the Western North Slope. This included two appraisal wells of the Willow Discovery announced in January 2017 and three exploration wells. But the company drilled a total of six wells, including an additional Willow appraisal well. This was possible due to improved drilling efficiencies. All the six wells as well as a sidetrack encountered oil and confirmed the potential of the play.
The three Willow appraisal wells hold a recoverable resource potential of about 300 million barrels of oil, per previous estimates. These exploration wells signify new discoveries for the company and increase the scope for further operations in the Western North Slope.
Additionally, five production flow tests were carried out as part of the exploration program. The outcome from these tests raises optimism.
Data collected from the operations will be evaluated for another active exploration and appraisal season in 2019.
ConocoPhillips is one of the largest exploration and production players in the world, considering proved reserves and production parameters. The company is a major global exploration and production company with operations and activities in 17 countries that include the United States, Canada, Columbia, Chile, the U.K./Norway, China, Australia, offshore Timor-Leste, Indonesia, Malaysia, Brunei, Libya and Qatar.
ConocoPhillips’ shares have gained 9.8% in the last three months, versus the industry’s 0.3% decline.
Zacks Rank & Key Picks
ConocoPhillips carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc (CLR - Free Report) , Northern Oil and Gas Inc (NOG - Free Report) and SunCoke Energy Inc (SXC - Free Report) . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It delivered an average positive earnings surprise of 64.9% over the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an average positive earnings surprise of 175.00% during the same time frame.
SunCoke Energy produces metallurgical coke in the United States. The company delivered an average positive earnings surprise of 130.6% in the last four quarters.
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