|Bid||42.35 x 1100|
|Ask||42.48 x 900|
|Day's Range||41.67 - 42.75|
|52 Week Range||20.84 - 67.13|
|Beta (5Y Monthly)||1.71|
|PE Ratio (TTM)||12.91|
|Earnings Date||Jul. 28, 2020 - Aug. 03, 2020|
|Forward Dividend & Yield||1.68 (3.91%)|
|Ex-Dividend Date||May 08, 2020|
|1y Target Est||48.13|
ConocoPhillips (COP) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
ConocoPhillips (NYSE: COP) today announced the completion of the sale of its subsidiaries that hold its Australia-West assets and operations to Santos. The total consideration for the sale is unchanged; however, in connection with the closing, ConocoPhillips and Santos agreed to restructure the payments such that $125 million of the originally announced $1.39 billion upfront cash payment would be allocated toward a payment due upon final investment decision of the proposed Barossa development project. This brings the total due to ConocoPhillips upon a final investment decision to $200 million.
Halliburton (HAL) told investors it is cutting its dividend by 75%, while National Oilwell Varco (NOV) board suspended the quarterly payout indefinitely to retain cash in the business.
The consent from the Norwegian regulatory authority allows ConocoPhillips (COP) to plug and abandon six wells at the Ekofisk field.
ConocoPhillips (NYSE: COP) today announced the retirement of Don E. Wallette, Jr. as executive vice president and chief financial officer after a successful 39-year career with the company. Wallette’s retirement is effective on Aug. 31, 2020.
Even if it's not a huge purchase, we think it was good to see that David Seaton, a ConocoPhillips (NYSE:COP) insider...
Those holding ConocoPhillips (NYSE:COP) shares must be pleased that the share price has rebounded 32% in the last...
Oil prices will likely remain depressed from the shockwaves of lower demand, namely from transportation and industrial use cases. Although the headwinds facing the oil industry are far from over, here are three oil stocks to buy right now for investors that have the patience to give the industry time to recover. Oil continues to provide over 90% of the energy used in transportation around the world.
Oil stocks, on the other hand, continue to lag. The Energy Select Sector SPDR ETF (NYSEMKT: XLE), representing the oil and gas stocks in the S&P 500, is down more than 36%. For many investors, this points sharply at Big Oil -- the biggest companies in the oil patch -- as being great investments as one of the few sectors that is still well below 2020 highs.
Put simply, investors who want to bet on an oil market rebound should look elsewhere. Three better oil stock options are ConocoPhillips (NYSE: COP), EOG Resources (NYSE: EOG), and Pioneer Natural Resources (NYSE: PXD).
The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, Royal Dutch Shell, Equinor and ConocoPhillips
Shares of the ConocoPhillips (NYSE: COP), the largest U.S. oil and gas exploration and production company (E&P), rose 36.7% in April, according to data provided by S&P Global Market Intelligence. ConocoPhillips' move was part of a larger recovery in the broader oil industry, which was hammered in March, first as a price war broke out between Saudi Arabia and Russia, and then as coronavirus-related travel restrictions caused demand for automobile and jet fuel to dry up. The severity of March's price downturn combined with questions about the severity and duration of coronavirus-related shutdowns caused ConocoPhillips to take drastic action.
Oil prices have been all over the map this year. While we see those positives, we've also covered the oil market for years, which has tainted our bullishness a bit. If we each could only choose one of those to buy, it would be ConocoPhillips (NYSE: COP), HollyFrontier (NYSE: HFC), and Phillips 66 (NYSE: PSX).
(Bloomberg) -- A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure.Texas Railroad Commissioner Ryan Sitton said in an interview on Bloomberg TV that the three-member agency wasn’t prepared to vote on curtailing supplies in a process known as “pro-rationing.” His comments likely mark the end of a month-and-a-half-long saga that divided the shale industry over whether regulators should adopt OPEC-style production caps amid a historic collapse in crude prices.The unprecedented implosion of the entire oil industry has been so swift and severe that American companies have been turning off drilling rigs, demobilizing fracking crews, slashing jobs and shutting wells without the need for a government order. Fracking activity in U.S. fields has slumped 82% in the past seven weeks, while oil drilling is down 52%, according to data compiled by Bloomberg.“At this point we still are not ready to act, and so it’s too late, so there is no proposal to make,” Sitton, one of three Republicans on the commission, said Monday. “I think that pro-ration is now dead.”Exxon, Chevron and ConocoPhillips plan to curb as much as 660,000 barrels a day of combined American output by the end of June. Permian Basin producer Concho Resources Inc. has shut in about 4% to 5% of total output and warned last week that it will likely be forced to curtail even more.“The market forces are stronger than the threat of proration ever was,” said Cye Wagner, chairman of the Texas Alliance of Energy Producers, which was opposed to state quotas. “It would be more harmful to the industry than the market-driven response that’s coming.”Sitton, who lost the primary election for his own seat earlier this year, had been the only member of the Texas Railroad Commission -- the state’s chief energy regulator -- to come out in favor of production caps. Chairman Wayne Christian recently stated his opposition to cuts in an opinion piece for the Houston Chronicle, and Commissioner Christi Craddick had expressed numerous concerns during the agency’s most recent meeting.Among oil companies, Pioneer Natural Resources Co. and Parsley Energy Inc., founded by a father and his son, had been the biggest champions of instituting mandated cuts.But Exxon Mobil Corp. and Chevron Corp., along with a long list of independent producers, had argued that the market was already driving curtailments and that it was best for the government to stay out of it. The chief executive officer of Enterprise Products Partners LP even went so far as to say that quota-supporting producers were simply trying to skirt contractual obligations.$1,000 PenaltySitton’s proposal called for a 20% cutback in the state’s output, conditional on other states and nations making similar moves. The measure would have penalized producers who exceeded quotas to the tune of $1,000 a barrel. But Christian and Craddick both said they feared legal repercussions that would make such an effort ineffective.“I may be the only lawyer in the group, but I guarantee you this is going to the courthouse,” Craddick said last month.While the debate over production caps may be sidelined in Texas, other states are still considering whether such a response is warranted. Oklahoma is scheduled to discuss quotas on May 11 and North Dakota will take up the issue on May 20. Still, those efforts are likely a long shot without Texas on board.(Updates with Oklahoma, North Dakota meetings in final paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Market forces rained on the parade of ConocoPhillips (NYSE:COP) shareholders today, when the analysts downgraded their...
Despite an unprecedented downturn in oil demand that's set to wreak havoc for many months ahead, there are some companies that look buy-worthy right now.
(Bloomberg) -- American shale explorers are rapidly crimping production in the country’s most prolific oil fields as the worst price crash in history threatens the industry’s survival.Three of the biggest oil explorers in the U.S. -- Exxon Mobil Corp., Chevron Corp., and ConocoPhillips -- plan to curb as much as 660,000 barrels a day of combined American output by the end of June. Across the county, crude production by all companies has already tumbled about 1 million barrels a day since mid-March, when OPEC and its allies clinched an historic deal to trim global supply.It’s too soon to tell how long the reductions will last but if implemented for a full year, they would overshadow any previous American production slide going back to at least 1984. Moreover, the pull-back puts the U.S. on track to fulfill the Trump administration’s pledge to removing 2 million barrels of daily supplies through market attrition.With the new reductions announced just two weeks after crude prices turned negative for the first time on record, resuscitating the market will come at a steep cost for an industry facing bankruptcies, job cuts and consolidation. For some explorers, austerity means slowing growth plans, while for others it means outright subtractions of oil volumes.Almost 40% of oil and natural gas producers face insolvency within the year if crude prices remain near $30 a barrel, according to a survey by the Federal Reserve Bank of Kansas City. Production shut-ins aren’t just a U.S. phenomenon: wells are being turned off from Scandinavia to Brazil as crude producers wilt under the crash.“You cut out what’s easiest to cut out. Right now that’s the Permian -- you lay down the rigs, walk away and you can always come back to it,” said Mark Stoeckle, a Boston-based fund manager at Adams Funds with $2.1 billion of assets. “It’s very different than other parts of the world” where you have to deal with production sharing agreements, government partners, tougher employment laws.Producers are cutting back more quickly than anyone foresaw as prices sink below break-even levels of even the most efficient explorers. In North Dakota, firms have shut in roughly one-third of the state’s oil production, with more than 40% of that reduction coming from a single company: Continental Resources Inc.In the past seven weeks, more than half of the American rig fleet has gone quiet, with the Permian Basin of West Texas and New Mexico accounting for 56% of the shutdown, according to Baker Hughes Co. data.Supermajors such as Exxon and Chevron -- latecomers to the shale revolution -- are better positioned than most producers to weather the storm, even as their own budgets take a hit.In The GroundWhile Exxon on Friday posted its first loss in at least three decades and Chevron slashed $2 billion off its spending plan, the companies have the capital to taper shale production until prices make a comeback.Exxon, which plans to curb about 100,000 barrels a day of Permian production during the current quarter, will focus on shutting younger, highly productive wells first. In a sense, the company is using the rocks surrounding those untapped wells as de facto storage.Chevron is chopping 125,000 barrels a day from its targeted exit rate for the Permian region this year and idling all but five drilling rigs, Chief Executive Officer Mike Wirth told Bloomberg TV. The company is aiming half its worldwide cuts at U.S. fields. The rest will occur as part of its host nations’ OPEC+ commitments, according to Chief Financial Officer Pierre Breber.“You can think of the U.S. as choices that we’re making to balance cash flow and long-term value,” Breber said. “Outside the U.S. you can think of it as OPEC+ agreements.”ConocoPhillips plans to cut even more deeply, curtailing worldwide production by 420,000 net barrels a day in June. That equates to about a third of Conoco’s first-quarter output. About 360,000 of those reductions will occur in U.S. fields.Independent Permian shale producer Concho Resources Inc. has already shut in about 4% to 5% of total output, and expects to keep its full-year production for the year around last year’s level. So far, most of the wells that have been shut were higher-cost, vertical wells, but Concho said future curtailments will likely include some horizontal ones -- industry shorthand for shale.While the supply curbs seem to have put a floor under oil prices, with the U.S. benchmark on Friday posting its first weekly gain in in a month, a sustained recovery will rely on even deeper cuts. If prices stay at their current level, hovering around $20 a barrel, shut-ins across the U.S. could reach 2 million barrels a day by June, according to Elisabeth Murphy, an analyst at consultant ESAI Energy.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Yahoo Finance’s Emily McCormick joins Seana Smith to break down why short-seller David Einhorn is questioning Tesla's billing practices.