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ConocoPhillips Taps Raptor Data for Plug & Abandonment Work
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ConocoPhillips (COP - Free Report) , the U.S. oil giant, has granted a global contract to Raptor Data, an Aberdeen-based technology company, to manufacture and deploy a fleet of tools for well intervention and plug and abandonment (P&A), starting with operations in Norway.
Raptor Data will supply its flagship technology, the Pathfinder system, as part of the contract. Touted as the first plug-and-play in-well verification system, Pathfinder is designed to enhance the verification of bismuth caps — a chemical element increasingly favored in the oil and gas industry over traditional cement for well intervention and abandonment. Bismuth offers significant advantages in terms of reliability and environmental safety.
The Pathfinder system uses a combination of wellbore pressure, temperature, distributed temperature and broadband acoustic analytics to ensure the accurate installation and performance of wellbore plugs. These features provide an innovative solution for P&A operations, crucial for secure and efficient decommissioning oil and gas wells.
COP’s Strategic Partnership to Drive Technological Innovation
Paul McClure, CEO of Raptor Data, shared his enthusiasm for the partnership with ConocoPhillips and emphasized the companies' long-standing collaboration in refining wellbore plug verification technology, particularly for bismuth barriers. He noted that this contract would allow COP to deploy its systems across ConocoPhillips' operations and demonstrate the technology's effectiveness in ensuring precise barrier installation with measurable assurance metrics, highlighting its potential to set new standards in P&A operations worldwide.
ConocoPhillips' Strong Presence in Norway
ConocoPhillips operates the Greater Ekofisk Area (“GEA”) in the North Sea, approximately 300 kilometers southwest of Stavanger, Norway. The GEA consists of five fields, Ekofisk, Eldfisk, Embla, Tor and Tommeliten A, which produce a mix of oil and gas.
In May, ConocoPhillips brought a new oil project on stream in the southern part of the North Sea, tied to one of these fields, further reinforcing its significant role in Norway’s energy landscape.
This latest contract underscores ConocoPhillips’ commitment to innovation in its operational processes and highlights its focus on strategic growth and efficiency in the energy sector. With the deployment of Raptor Data's cutting-edge technology, ConocoPhillips is set to enhance its capabilities in P&A. This is in line with the industry trends toward safer, more reliable and environmentally responsible well-decommissioning practices.
COP’s Zacks Rank & Key Picks
Currently, ConocoPhillips carries a Zack Rank #3 (Hold).
SM Energy is set to expand its oil-centered operations in the coming years with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for its shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $7.57. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.21. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.25. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
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ConocoPhillips Taps Raptor Data for Plug & Abandonment Work
ConocoPhillips (COP - Free Report) , the U.S. oil giant, has granted a global contract to Raptor Data, an Aberdeen-based technology company, to manufacture and deploy a fleet of tools for well intervention and plug and abandonment (P&A), starting with operations in Norway.
Raptor Data will supply its flagship technology, the Pathfinder system, as part of the contract. Touted as the first plug-and-play in-well verification system, Pathfinder is designed to enhance the verification of bismuth caps — a chemical element increasingly favored in the oil and gas industry over traditional cement for well intervention and abandonment. Bismuth offers significant advantages in terms of reliability and environmental safety.
The Pathfinder system uses a combination of wellbore pressure, temperature, distributed temperature and broadband acoustic analytics to ensure the accurate installation and performance of wellbore plugs. These features provide an innovative solution for P&A operations, crucial for secure and efficient decommissioning oil and gas wells.
COP’s Strategic Partnership to Drive Technological Innovation
Paul McClure, CEO of Raptor Data, shared his enthusiasm for the partnership with ConocoPhillips and emphasized the companies' long-standing collaboration in refining wellbore plug verification technology, particularly for bismuth barriers. He noted that this contract would allow COP to deploy its systems across ConocoPhillips' operations and demonstrate the technology's effectiveness in ensuring precise barrier installation with measurable assurance metrics, highlighting its potential to set new standards in P&A operations worldwide.
ConocoPhillips' Strong Presence in Norway
ConocoPhillips operates the Greater Ekofisk Area (“GEA”) in the North Sea, approximately 300 kilometers southwest of Stavanger, Norway. The GEA consists of five fields, Ekofisk, Eldfisk, Embla, Tor and Tommeliten A, which produce a mix of oil and gas.
In May, ConocoPhillips brought a new oil project on stream in the southern part of the North Sea, tied to one of these fields, further reinforcing its significant role in Norway’s energy landscape.
This latest contract underscores ConocoPhillips’ commitment to innovation in its operational processes and highlights its focus on strategic growth and efficiency in the energy sector. With the deployment of Raptor Data's cutting-edge technology, ConocoPhillips is set to enhance its capabilities in P&A. This is in line with the industry trends toward safer, more reliable and environmentally responsible well-decommissioning practices.
COP’s Zacks Rank & Key Picks
Currently, ConocoPhillips carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like SM Energy Company (SM - Free Report) , MPLX LP (MPLX - Free Report) and TechnipFMC plc (FTI - Free Report) . While SM Energy currently sports a Zacks Rank #1 (Strong Buy), MPLX and TechnipFMC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is set to expand its oil-centered operations in the coming years with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for its shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $7.57. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.21. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.25. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.