| ConocoPhillips (COP) to Sell Oil & Gas Assets in the U.S. - Analyst Blog | |
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Per a Reuters report, Houston-based oil and gas giant ConocoPhillips COP is preparing to divest some of its non-core oil and gas producing acreage in the United States.
According to sources, ConocoPhillips intends to sell some of its non-core oil and gas producing acreage in several areas in the U.S., including Texas.
The company has engaged Wells Fargo to divest some of its non-core assets in the U.S. Per the sources these assets comprise oil and gas properties in the Rockies, East Texas, South Texas and Northern Louisiana.
Although the sources did not reveal the value of the assets, Reuters reports that industry sources anticipate that the company would sell non-core assets valued between $1 billion and $2.5 billion in the U.S.
The above-mentioned assets sale represents the largest U.S. acreage sale by a U.S. major so far this year. Several such assets sale had been postponed earlier due to the decline in oil prices by more than 50% since last June.
This would be the second asset sale by ConocoPhillips initiated this year. Per investment bank Scotia Waterous' website, earlier, the company had engaged it for an asset sale in Canada.
Some of the other big companies have also begun to explore the prospects of a sale. Anadarko Petroleum Corp (APC) has put East Texas acreage up for sale with Citigroup Inc., according to sources. The asset sale is worth a few hundred million dollars. Anandarko and Citigroup representatives, however, did not disclose any details.
The news follows ConocoPhillips’ announcement last week that it plans to reduce an unspecified number of jobs and cut operating costs by $1 billion per year by the end of 2016 while concentrating more on unconventional North American shale.
ConocoPhillips currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks from the oil and gas sector include Spectra Energy SE, Western Gas Equity Partners, L.P WGP and Hallador Energy Company HNRG. Each of these stocks sports a Zacks Rank #1 (Strong Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CONOCOPHILLIPS (COP): Free Stock Analysis Report SPECTRA ENERGY (SE): Free Stock Analysis Report WESTERN GAS EP (WGP): Free Stock Analysis Report HALLADOR ENERGY (HNRG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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ConocoPhillips
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CODE : COP |
ISIN : US20825C1045 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ConocoPhillips is a producing company based in United states of america. ConocoPhillips is listed in Germany and in United States of America. Its market capitalisation is US$ 153.3 billions as of today (€ 143.3 billions). Its stock quote reached its lowest recent point on December 31, 1991 at US$ 10.94, and its highest recent level on April 26, 2024 at US$ 130.24. ConocoPhillips has 1 177 107 000 shares outstanding. |