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ConocoPhillips Gets Approval to Use Valaris Rig for Ekofisk
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ConocoPhillips (COP - Free Report) recently received permission from the Petroleum Safety Authority, the Norwegian offshore safety watchdog, to use the Valaris JU-292 jack-up unit of Valaris plc (VAL - Free Report) at the Ekofisk field in the North Sea. ConocoPhillips has been utilizing the rig on a contract in Norway since last November. The contract is set to expire in the second month of the next year.
The consent from the regulatory authority allows ConocoPhillips to plug and abandon six wells at the field. Moreover, it pertains to the removal of five wells’ conductor casings, which have been plugged and abandoned earlier in the Ekofisk field, located in the southern area of the Norwegian sector in the sea.
The Ekofisk field — one of the largest fields in the Norwegian continental shelf — was discovered in 1969 and commenced production in 1971. At a water depth of 70-75 meters, it was the country’s first oil and gas producing field. It has a reservoir from the Cretaceous geological period with 300-meter high oil column. The reservoir is located 3000 meters below the sea level.
ConocoPhillips is one of the largest operators in the Norwegian continental shelf. In early February, it received five production licenses in APA 2019 in the shelf.
Owing to weak commodity prices due to the coronavirus pandemic, the upstream energy player has decided to voluntarily curtail production volumes. For the month of May, the company expects gross curtailment of 265 thousand barrels of oil per day (MBbl/d). It projects voluntary gross curtailment for the month of June to be 460 MBbl/d.
Price Performance
The company’s shares have lost 28.3% in the last six months compared with 37.7% decline of the industry it belongs to.
Cabot Oil & Gas beat earnings estimates thrice and met once in the last four quarters, with average positive surprise of 6.1%.
CNX Resources beat earnings estimates thrice and met once in the last four quarters, with average positive surprise of 111.5%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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ConocoPhillips Gets Approval to Use Valaris Rig for Ekofisk
ConocoPhillips (COP - Free Report) recently received permission from the Petroleum Safety Authority, the Norwegian offshore safety watchdog, to use the Valaris JU-292 jack-up unit of Valaris plc (VAL - Free Report) at the Ekofisk field in the North Sea. ConocoPhillips has been utilizing the rig on a contract in Norway since last November. The contract is set to expire in the second month of the next year.
The consent from the regulatory authority allows ConocoPhillips to plug and abandon six wells at the field. Moreover, it pertains to the removal of five wells’ conductor casings, which have been plugged and abandoned earlier in the Ekofisk field, located in the southern area of the Norwegian sector in the sea.
The Ekofisk field — one of the largest fields in the Norwegian continental shelf — was discovered in 1969 and commenced production in 1971. At a water depth of 70-75 meters, it was the country’s first oil and gas producing field. It has a reservoir from the Cretaceous geological period with 300-meter high oil column. The reservoir is located 3000 meters below the sea level.
ConocoPhillips is one of the largest operators in the Norwegian continental shelf. In early February, it received five production licenses in APA 2019 in the shelf.
Owing to weak commodity prices due to the coronavirus pandemic, the upstream energy player has decided to voluntarily curtail production volumes. For the month of May, the company expects gross curtailment of 265 thousand barrels of oil per day (MBbl/d). It projects voluntary gross curtailment for the month of June to be 460 MBbl/d.
Price Performance
The company’s shares have lost 28.3% in the last six months compared with 37.7% decline of the industry it belongs to.
Zacks Rank & Stocks to Consider
ConocoPhillips currently has a Zacks Rank #3 (Hold). Two better-ranked players in the energy space include Cabot Oil & Gas Corporation and CNX Resources Corporation (CNX - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cabot Oil & Gas beat earnings estimates thrice and met once in the last four quarters, with average positive surprise of 6.1%.
CNX Resources beat earnings estimates thrice and met once in the last four quarters, with average positive surprise of 111.5%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>