) has initiated production of gas from the Jasmine field in the
United Kingdom, Central North Sea. With a 36.5% interest,
ConocoPhillips is the operator of the Jasmine field while
) and BG Group hold a 33% and 30.5% stake, respectively. The
field was discovered in 2006 and is one of the largest U.K.
discoveries in the past 10 years.
The Jasmine facility has a gross capacity of 140,000 barrels of
oil equivalent per day (BOED). It is expected to yield 40,000
BOED in 2014. ConocoPhillips also expects the gas field to
contribute significantly to its 3% to 5% production growth rate
Houston, Texas-based ConocoPhillips is a major global exploration
and production (E&P) company with operations and activities
in 30 countries that include the U.S., Canada, UK/Norway, China,
Australia, offshore Timor-Leste, Indonesia, Libya, Nigeria,
Algeria, Russia and Qatar.
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. The company's 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 complete focus
to upstream operations and thus oil and gas prices play a major
role in determining its performance.
We believe that any downtrend in the global economy will affect
the supply-demand fundamentals of oil and gas, hurting the sales
prices for crude oil and natural gas.
We have a Zacks Rank #3 (Hold) for ConocoPhillips. However, Zacks
SM Energy Company
) is expected to outperform the market over the next few months.
CONOCOPHILLIPS (COP): Free Stock Analysis
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