ConocoPhillips’ COP affiliate ConocoPhillips Alaska has agreed to acquire the entire stake in Nuna discovery. The deal has been signed with Caelus Natural Resources Alaska LLC for the prospect, which is situated in the east of the Colville River.
Notably, the closing of the deal – with effective date of Jun 14, 2019 – awaits regulatory approval. The value of the transaction has not been disclosed yet.
The Nuna prospect, spread across 21,000 acres with 11 tracts, was discovered in 2012. Before taking the final investment decision, ConocoPhillips will assess the discovery.
In Alaska, ConocoPhillips is the largest producer of crude oil, operating roughly 1.3 million net undeveloped acres under leases. The latest deal has fortified the upstream energy player’s position in Alaska’s North Slope. ConocoPhillips has decided to employ the infrastructure of Kuparuk River Unit (KRU) field – the second biggest oilfield in North Slope of Alaska – for the development of the Nuna prospect. This will enable ConocoPhillips to minimize its cost structure while producing optimum oil volumes that will contribute to the company’s revenues and create jobs in Alaska.
Headquartered in Houston, TX, ConocoPhillips currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy sector are Enterprise Products Partners L.P. EPD, Oasis Midstream Partners LP OMP and Anadarko Petroleum Corporation APC. All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enterprise Products has average positive earnings surprise of 17% for the last four quarters.
Oasis Midstream is likely to witness earnings growth of 79.1% through 2019.
Anadarko Petroleum has average positive earnings surprise of 6.6% for the last four quarters.
This Could Be the Fastest Way to Grow Wealth in 2019
Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.
These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.
Click here to see these breakthrough stocks now >>
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
Enterprise Products Partners L.P. (EPD) : Free Stock Analysis Report
Anadarko Petroleum Corporation (APC) : Free Stock Analysis Report
ConocoPhillips (COP) : Free Stock Analysis Report
Oasis Midstream Partners LP (OMP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research