ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International.
The Alaska segment primarily explores for, produces, transports, and markets crude oil, natural gas, and natural gas liquids. The Lower 48 segment consists of operations in the U.S. and the Gulf of Mexico. The Canada segment consists of oil sands development in the Athabasca Region of northeastern Alberta and a liquids-rich unconventional play in western Canada.
The Europe, Middle East and North Africa segment consists of operations and exploration activities in Norway, the United Kingdom and Libya. The Asia Pacific segment has explorations and product operations in China, Indonesia, Malaysia, and Australia. The Other International segment handles exploration activities in Columbia and Argentina. The company was founded in 1875 and is headquartered in Houston, TX.
Bryn Talkington of Requisite Capital Management is sticking with energy and named ConocoPhillips (NYSE: COP) as her final trade on CNBC’s “Halftime Report Final Trades.” The Houston-based company is set to report earnings on Aug. 3, 2023 and has a 4.5% yield. Analysts expect ConocoPhilips to report quarterly earnings at $1.77 per share on revenue of $12.44 billion.
“The second quarter demonstrated our strong underlying performance and commitment to advancing the returns-focused value proposition we shared at our Analyst & Investor Meeting in April,” said Ryan Lance, chairman and chief executive officer.
“We achieved record production and increased our full-year production guidance for the second consecutive quarter. We executed an agreement to purchase the remaining 50% interest in Surmont and further progressed our global LNG strategy. Our full-year distribution target of $11 billion remains unchanged. Looking ahead, we remain constructive on the second half of the year as well as the long-term outlook for the sector. By continuing to enhance our deep, durable and diversified asset base, we are well positioned to generate competitive cash flow and returns for decades,” said the CEO Ryan Lance.
Stephen Weiss of Short Hills Capital Partners named Alibaba Group Holding Limited (NYSE: BABA) as his final trade. Shares of Chinese internet and tech stocks traded lower on Wednesday after the Cyberspace Administration of China proposed draft rules that would limit the daily phone time of minors.
Jason Snipe of Odyssey Capital Advisors said Northrop Grumman Corporation (NYSE: NOC) is down 18% amid geopolitical issues. Northrop Grumman reported second-quarter (Q2) 2023 sales growth of 9% year-over-year to $9.58 billion, beating the consensus of $9.35 billion.
Joseph Terranova of Virtus Investment Partners picked Schlumberger Limited (NYSE: SLB). Schlumberger reported a Q2 2023 revenue increase of 19.6% year-over-year to $8.10 billion, missing the consensus of $8.22 billion.
Price Action: SLB shares fell 0.2% to settle at $57.47, while Northrop Grumman shares fell 0.2% to close at $447.47 on Wednesday. Alibaba shares fell 5% to $95.07, while ConocoPhillips shares lost 1.5% to settle at $115.59 on Wednesday.
Produced in association with Benzinga
Edited by Eunice Anyango Oyule and Judy J. Rotich
