ConocoPhillips Poised For Growth Despite Cuts In Spending
Zacks Investment Research | Aug 16, 2016 09:31PM ET
On Aug 16, 2016, we issued an updated research report on a major global exploration and production (E&P) company ConocoPhillips (NYSE:COP) .
ConocoPhillips’ focus on North America, Australia and Asia is believed to largely improve its risk profile. The company intends to reduce its reliance on the weak North American natural gas market. This is evidenced by most new projects focusing on more profitable oil, including oil shale. Its impending exit from its remaining offshore interests is also a positive.
With crude oil and natural gas improving significantly from the multi-year lows the commodities slipped to earlier in 2016, ConocoPhillips’ business is expected to gain momentum.
Despite cuts in capital spending, ConocoPhillips expects major capital projects to be brought online this year. Surmount 2 and APLNG projects , as well as further ramp up of Foster Creek/Christina Lake is expected to facilitate production growth by 1% in 2016. The company also expects lower operating expenses during this period.
CONOCOPHILLIPS Price and Consensus
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