) has extended its service contract with Wood Group. Per the
one-year extension, Wood Group will continue to provide
operations and maintenance services as well as facilities'
modifications services to ConocoPhillips' 50 assets in the North
Sea. The manned and unmanned facilities are located primarily in
the Southern and Central North Sea. ConocoPhillips awarded Wood
Group the service contract first in 1992.
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Wood Group is a leading international energy services company
that provides a range of engineering, production support,
maintenance management and industrial gas turbine overhaul &
repair services to the oil & gas and power generation
Houston, Texas-based ConocoPhillips is a major globally
integrated oil company engaged in the exploration and production
of oil and natural gas, refining and marketing of petroleum
products, manufacturing of chemicals, and other energy-related
With leading positions in both natural gas and heavy crude oil in
North America, as well as a legacy position in the North Sea and
growing exposure to lucrative international regions,
ConocoPhillips expects to replace reserves and sustain production
growth over the long term. ConocoPhillips' exploration
initiatives toward liquids-rich plays are gaining momentum
through the Eagle Ford, Bakken and North Barnett shale plays.
Again, ConocoPhillips completed the spin-off of its
refining/sales business into a separate, independent and publicly
) in 2012. With this, ConocoPhillips shifted its total focus to
upstream operations and thus oil and gas prices play a major role
in determining its performance.
Despite these positive factors, the company's performances are
expected to be weighed down by unpredictable global economic
conditions and uncertain oil & natural gas prices. We also
remain cautious about the geopolitical risks associated with
international activates and operational challenges.
We have a Zacks Rank #3 (Hold) for ConocoPhillips - the third
biggest U.S. integrated oil company after