COP Stock Recent News

ConocoPhillips is the largest independent US hydrocarbon exploration & production company, operating in 13 countries across the globe and reaching average daily volumes of 1.8Mboed in 2023. The company has an advantaged portfolio of liquids-rich and low-cost assets in Alaska and the continental US, having largely acquired its significant Permian business at a steep discount in 2020. At a current reserve coverage of ~10 years and almost 20Bboe of estimated resources below $40/bbl cost of supply, COP has a significant runway to grow production by 4-5% annually through 2032.

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Commodities such as oil tend to increase when there are geopolitical tensions, especially in the Middle East region, as they could affect the supply chains and further elevate the price of black gold.

President Biden's "pause" on new LNG export terminals does not impact already approved projects, including ConocoPhillips' investment in the Port Arthur Phase 1 LNG terminal. ConocoPhillips has a strong presence in the Permian Basin (750,000 boe/d in Q4) and is shifting focus to the global LNG market. Port Arthur LNG Phase 1 is fully permitted. The project is moving forward with COP having a 30% equity stake, ~50% of offtake, and as gas marketing manager of the terminal.

Diamondback Energy Inc (NASDAQ:FANG, ETR:7DB) has agreed to pay $26 billion to take control of Endeavor Energy Resources, beating to the punch ConocoPhillips (NYSE:COP, ETR:YCP) to secure one of the most coveted private oil producers in the United States. This strategic move propels Diamondback into a leading position within the Permian Basin, the largest US oilfield, significantly expanding its operational footprint in Texas and New Mexico.

While the top- and bottom-line numbers for ConocoPhillips (COP) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Higher oil equivalent production volumes aid ConocoPhillips' (COP) better-than-expected Q4 earnings. The positives are partially offset by lower average realized oil equivalent prices.

Shares of ConocoPhillips COP, +0.72% tacked on 0.4% in premarket trading Thursday, after the oil exploration and production company beat fourth-quarter profit and revenue expectations as 2023 production reached record levels. Net income fell to $3.01 billion, or $2.52 a share, from $3.25 billion, or $2.61 a share, in the year-ago period.

U.S. oil and gas producer ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, helped by higher production from newly acquired assets.

A global slide in natural gas prices likely sliced revenue and profits for ConocoPhillips Co. (COP), which will report its fourth-quarter results on Thursday.