Why ConocoPhillips Stock Flew Higher on Friday
Yahoo Finance ·
A major investment in the heart of a major oil-producing region was the engine driving ConocoPhillips ( COP +1.66% ) stock higher on Friday. The sprawling upstream oil company's shares rose by almost 2% on the news, effortlessly topping the S&P 500 index's 1% decline. Before market open that morning, ConocoPhillips announced that it agreed with BP to acquire a 42% stake in the British energy giant's BP Energy Company of Kirkuk in Iraq. The deal gives the company a large piece of four oil fields located in Kirkuk, a region in northern Iraq. ConocoPhillips said that the agreement formalizing the deal is expected to be signed during Iraq Prime Minister Ali al-Zaidi's current visit to Washington, D.C. In its press release on the arrangement, the company quoted CEO Ryan Lance as saying that "this unique redevelopment opportunity is well aligned with our disciplined investment framework, providing access to a material, high-quality and long-life resource base, comfortably meeting our cost of supply threshold."
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ConocoPhillips (COP) shares rose by 2% after the company's key investment in Iraq's northern oil production region. COP's stock has outperformed the S&P 500 index's 1% decline. COP is expected to reach an agreement with Ihsa during Iraq's Prime Minister Ali Al-Jaafri's visit to Washington D.C.
상승 영향
- Oil — If COP agrees with Ihsa, COP's oil production is expected to significantly increase, contributing to the rise in oil prices.
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