| ConocoPhillips (COP) to Sell its Western Canadian Assets? | |
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If reports are to be believed, ConocoPhillips COP is likely to sell a major portion of its Western Canadian assets.
Per sources, the Houston-based oil major is said to be on the verge of inking a deal for the divestment of its oil and gas assets to multiple buyers, which may include Canadian Natural Resources Limited CNQ. Neither of the concerned parties disclosed any details about the deal. According to the reports, however, the deal could be signed as early as next week. Nevertheless, no particular agreement has been finalized yet and there are even chances of the talks falling apart.
The properties to be divested are located in British Columbia, Alberta and Saskatchewan. Together, they make up about 20% of the company’s total Canadian volumes, excluding the oil sands.
According to marketing materials, the assets to be sold produce about 35,000 barrels of oil and gas per day. A net working interest in 2.4 million acres (971,000 hectares) for future drilling is also up for sale. The aforesaid assets have been valued at over $1 billion by Bloomberg.
Following the plunge in oil prices of over 50% since last year’s highs, several oil companies have resorted to asset sales to strengthen their balance sheets. ConocoPhillips is no exception either. The company is selling its assets to shore up its balance sheet as well as to focus on its core business areas.
ConocoPhillips is a major global exploration and production company with operations and activities in 30 countries that include the U.S., Canada, the U.K./Norway, China, Australia, offshore Timor-Leste, Indonesia, Libya, Nigeria, Algeria, Russia and Qatar.
The company enjoys leading positions in both natural gas and heavy crude oil in North America. It also boasts a legacy position in North Sea and growing exposure to lucrative international regions. Supported by positive factors such as these, ConocoPhillips expects to replace reserves and sustain production growth over the long term. ConocoPhillips carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Alon USA Partners, LP ALDW and ReneSola Ltd SOL. Both these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CONOCOPHILLIPS (COP): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report CDN NTRL RSRCS (CNQ): Free Stock Analysis Report ALON USA PTNRS (ALDW): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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ConocoPhillips
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CODE : COP |
ISIN : US20825C1045 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ConocoPhillips is a producing company based in United states of america. ConocoPhillips is listed in Germany and in United States of America. Its market capitalisation is US$ 152.8 billions as of today (€ 143.4 billions). Its stock quote reached its lowest recent point on December 31, 1991 at US$ 10.94, and its highest recent level on April 23, 2024 at US$ 129.84. ConocoPhillips has 1 177 107 000 shares outstanding. |