Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (ARCA: OILT)

Últimas noticias sobre Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (ARCA:OILT)

Oiltanking Partners, L.P.

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The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.

Occidental Petroleum Corp.

Diamondback Energy Inc - Common

Exxon Mobil Corporation

Conocophillips

Eog Resources

Apa Corp

Chevron Corp.

Vital Energy Inc.

Ovintiv Inc.

Devon Energy Co

Tokyo Gas Co Ltd

Texas Capital Texas Oil Index ETF

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Por qué las acciones de BP cayeron tras su pronóstico del 4T 2024. Cambios en producción, precios y márgenes clave para los inversores.

BP actualiza pronóstico del 4T: Impactos en producción y precios

FTXN

Las acciones de Occidental Petroleum caen tras la compra de CrownRock por 12.000 millones de dólares. ¿Qué implica esta adquisición?

¿Qué está sucediendo con las acciones de Occidental Petroleum el viernes?

Texas Capital Funds Trust Texas Capital Texas Oil Index ETF

BP p.l.c. &#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) bp Trinidad and Tobago (bpTT) disclosed on Thursday that it successfully commenced <a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bptt-announces-start-of-production-from-new-cypre-gas-project.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&amp;utm_medium=email&amp;utm_campaign=14951822_bp%20TT%20announces%20start%20of%20production%20from%20new%20Cypre%20gas%20project&amp;dm_i=1PGC,8WGWE,5D8AP6,113O2C,1" rel="noreferrer noopener">gas </a>production from its Cypre development.
The Cypre gas field lies 78 km off Trinidad&#8217;s southeast coast in the East Mayaro Block at an 80-meter water depth. It is fully owned by bp Trinidad and Tobago, a joint venture between bp (70%) and Repsol (30%).
Cypre is among bp&#8217;s 10 major projects set to launch between 2025 and 2027 as part of its upstream growth strategy. The project will contribute to the expected 250,000 boed peak net production from these developments.
At peak, it is expected to produce around 45,000 boed (250 million standard cubic feet of gas per day).
The first phase, consisting of four wells, was completed in late 2024, with the second phase set to begin in the latter half of this year.
Notably, Cypre is bp&#8217;s second major project to launch in 2025, following the Raven field&#8217;s second development phase in Egypt.
The project aligns with bp&#8217;s expected upstream returns and fits within its capital expenditure plans.
Cypre marks bpTT&#8217;s third subsea development, featuring seven wells connected to the existing Juniper platform.
William Lin, EVP gas and low carbon energy&nbsp;said, &#8220;The second of 10 major projects across our global portfolio that we expect to start up by 2027, Cypre is also the first of a series of projects we will be bringing online in Trinidad to deliver gas to the nation and add value for bp.&#8221;
bpTT president David Campbell added, &#8220;Cypre is another key milestone in bpTT&#8217;s strategy to maximize production from our shallow water acreage using existing infrastructure. The project not only reinforces our commitment to maintaining production but also plays a crucial role in satisfying our existing gas supply commitments.&#8221;&nbsp;
Last month, the company disclosed that&nbsp;Apollo Global Management-managed funds will acquire a 25% non-controlling stake in BP Pipelines (TANAP) Ltd – <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/03/44436034/bp-sells-25-stake-in-tanap-pipeline-to-apollo-for-1-billion-eyes-further-low-carbon-collaboration" rel="noreferrer noopener">bp TANAP for around $1.0 billion</a>.
Investors can gain exposure to the stock via Precidian ETFs Trust BP plc ADRhedged (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>) and Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action: BP shares are down 3.87% at $32.50 premarket at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/contracts/25/03/44514978/bp-sells-austrian-mobility-business-finalizes-redevelopment-deal-for-kirkuk-fields-in-iraq" target="_blank" rel="noreferrer noopener">BP Sells Austrian Mobility Business, Finalizes Redevelopment Deal For Kirkuk Fields In Iraq</a></li>
</ul>
Photo via Shutterstock.

BP's Cypre Gas Project Goes Live, Boosting Upstream Growth Plans

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) disclosed on Thursday that it plans to sell its mobility and convenience business in <a href="https://www.benzinga.com/news" target="_blank" rel="noreferrer noopener">Austria for an undisclosed amount</a>.
The sale includes more than 260 BP retail sites across Austria (around 120 company-owned) and related Austrian fleet business and EV charging assets, including those under development.
It also comprises BP&#8217;s shares in the non-operated joint venture (NOJV) managing the Linz fuel terminal.
The sale process will commence immediately, with completion targeted by the end of 2025, pending regulatory and necessary approvals.
This move is part of BP&#8217;s ongoing strategy to reshape and streamline its downstream operations, following its announcement last year to market its mobility &amp; convenience business in the Netherlands.
Emma Delaney, EVP, customers &amp; products at bp said, "Over recent years we have grown the business to become number two major branded retailer in the market. As bp now looks to focus downstream and reshape our portfolio, we believe that a new owner will be best placed to unlock the business's full potential.&#8221;
Also, on Wednesday, BP disclosed that it received final government approval for its contract to redevelop several <a target="_blank" href="https://www.benzinga.com/news" rel="noreferrer noopener">major oil fields in Kirkuk, northern Iraq</a>.
The agreement with North Oil Company (NOC) and North Gas Company (NGC) covers the rehabilitation of fields, including oil, gas, power and water sectors, <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-and-iraq-finalize-contract-for-kirkuk-redevelopment.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&amp;utm_medium=email&amp;utm_campaign=14940177_bp%20and%20Iraq%20finalize%20contract%20for%20Kirkuk%20redevelopment&amp;dm_i=1PGC,8W7WX,5D8AP6,112E8Z,1" target="_blank" rel="noreferrer noopener">with </a>the potential for exploration investment.
Under the agreement, BP&#8217;s compensation will be tied to increases in production volumes, prices and costs.
Also, BP will be entitled to a share of production and reserves in proportion to the fees earned from boosting output.
With full approval now in place, BP will collaborate with the Government to establish a new operator, an unincorporated organization primarily staffed by personnel from NOC and NGC, along with secondees from BP, to begin the initial stages of development.
The agreement covers an initial phase involving oil and gas production exceeding 3 billion barrels of oil equivalent, including the Baba and Avanah domes of the Kirkuk oil field, as well as the Bai Hassan, Jambur and Khabbaz fields, all currently operated by NOC.
The total resource opportunity across the contract and surrounding areas is estimated at up to 20 billion barrels of oil equivalent.
Investors can gain exposure to the stock via Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and Precidian ETFs Trust BP plc ADRhedged (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>).
Price Action: BP shares are up 0.17% at $34.48 premarket at the last check on Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/25/03/44436034/bp-sells-25-stake-in-tanap-pipeline-to-apollo-for-1-billion-eyes-further-low-carbon-collaboration" target="_blank" rel="noreferrer noopener">BP Sells 25% Stake In TANAP Pipeline To Apollo For $1 Billion, Eyes Further Low-Carbon Collaboration</a></li>
</ul>
Photo: Shutterstock

Contracts

BP Sells Austrian Mobility Business, Finalizes Redevelopment Deal For Kirkuk Fields In Iraq

On Friday, BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) disclosed that Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>)-managed funds will acquire a 25% non-controlling stake in BP Pipelines (TANAP) Ltd – bp TANAP for around $1.0 billion.
This subsidiary holds BP's 12% interest in TANAP, the pipeline that transports natural gas <a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/apollo-to-partner-with-bp-on-tanap-gas-pipeline.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&amp;utm_medium=email&amp;utm_campaign=14935025_Apollo%20to%20partner%20with%20bp%20on%20TANAP%20gas%20pipeline&amp;dm_i=1PGC,8W3XT,5D8AP6,111U2V,1" rel="noreferrer noopener">from </a>Azerbaijan through Turkey.
TANAP, stretching about 1,800 km across Turkey, is a key part of the Southern Gas Corridor (SGC) pipeline system.
The SGC delivers gas from the BP-operated Shah Deniz field in Azerbaijan to European markets, including Italy and Greece.
Both companies are also exploring further collaboration opportunities, particularly in infrastructure, gas, and low-carbon energy assets.
The proceeds from this transaction will contribute to BP&#8217;s $20 billion divestment and other proceeds program.
Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/03/44191761/bp-forms-offshore-wind-jv-with-japanese-utility-company-jera-plans-to-launch-by-q3" rel="noreferrer noopener">BP Forms Offshore Wind JV With Japanese Utility Company Jera, Plans To Launch By Q3</a>
The deal allows BP to monetize its interest in TANAP, while still retaining control as the majority shareholder of BP TANAP.
BP will also maintain a long-term commercial and strategic stake, including governance rights, in the pipeline, which is crucial for the gas value chain of the BP-operated Shah Deniz gas field in Azerbaijan.
The transaction is expected to close in the second quarter of 2025, subject to regulatory and TANAP shareholders&#8217; approvals.
William Lin, BP executive vice president, gas &amp; low-carbon energy, said, "This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe. BP and Apollo will continue to explore further strategic cooperation and mutually beneficial opportunities."
Investors can gain exposure to the stock via Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)  and Precidian ETFs Trust BP plc ADRhedged (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>).
Price Action: BP shares are up 0.06% at $34.77 premarket at the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/25/03/44358565/bp-stock-eyes-golden-cross-can-bulls-take-control" target="_blank" rel="noreferrer noopener">BP Stock Eyes Golden Cross: Can Bulls Take Control?</a></li>
</ul>
Photo: Shutterstock

BP Sells 25% Stake In TANAP Pipeline To Apollo For $1 Billion, Eyes Further Low-Carbon Collaboration

BP plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) disclosed a 50-50 <a href="https://www.benzinga.com/topic/wind">offshore wind joint venture</a> with Jera Co., Inc.
The entity will be led by CEO Nathalie Oosterlinck, currently CEO of Jera Nex. It aims to fast-track development by leveraging combined project pipelines and enhancing access to competitive financing.
The joint venture will oversee operating and development assets with a potential net generating capacity of 13GW across Europe, Asia Pacific, and the US.
The joint venture is subject to regulatory approvals and is expected to launch by the end of the third quarter of 2025. 
Jera CEO Yukio Kani says the JV &#8220;brings together the best characteristics of both companies and has the experience and expertise to lead this next phase of development in offshore wind energy.&#8221;
&#8221;With the backing of two strong shareholders with a long history of cooperation, and with an exciting and globally diversified development portfolio we are confident JERA Nex bp will play a critical role in the energy transition in Japan, the UK and beyond."&nbsp;&nbsp;
Last month, BP reported sales and other operating revenues of $45.7 billion, missing the consensus of $47.511 billion and underlying RC profit per American Depositary Share came in at 44 cents, <a href="https://www.benzinga.com/25/02/43618537/bp-q3-results-lower-revenue-rising-debt-but-175-billion-buyback-and-dividend-hike-impress" target="_blank" rel="noreferrer noopener">missing the consensus of 47 cents</a>.
BP anticipates upstream production to be lower than <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the&nbsp;fourth quarter&nbsp;of 2024</a>.
Investors can gain exposure to the stock via&nbsp;Texas Capital Texas Oil Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and Precidian ETFs Trust BP plc ADRhedged (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>).
Price Action: BP shares are up 0.60% at $31.90 premarket the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/03/44133917/trumps-says-little-disturbance-possible-due-to-tariffs-in-speech-to-congress-as-gm-tesla-energy-stocks-lift-in-after-hours-trading-auto-industry-to-absolutely-boom" target="_blank" rel="noreferrer noopener">Trump&#8217;s Says &#8216;Little Disturbance&#8217; Possible Due To Tariffs In Speech To Congress As GM, Tesla, Energy Stocks Lift In After-Hours Trading: &#8216;Auto Industry To Absolutely Boom&#8217;</a></li>
</ul>
Image: Shutterstock

BP Forms Offshore Wind JV With Japanese Utility Company Jera, Plans To Launch By Q3

Devon Energy Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) shares are trading higher on Wednesday after the company reported strong fourth-quarter<a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43798641/devon-energy-beats-q4-earnings-raises-quarterly-dividend" rel="noreferrer noopener"> results on Tuesday after the bell</a>.
Also, the stock may have escalated probably due to a drone attack on a Russian pipeline, which could reduce supply.
Also, the company reported an EPS of $1.16, beating analyst&nbsp;estimates of $1.00, and&nbsp;oil production of 398,000 barrels per day, which was&nbsp;about 3% ahead of&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the&nbsp;company&#8217;s&nbsp;previous guidance</a>.
Devon expects oil production to average 380,000 to 386,000 barrels per day in the first quarter and full-year 2025 production of 805,000 barrels per day-825,000 barrels per day, up 2% versus&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the&nbsp;company&#8217;s&nbsp;previous outlook</a>.
Piper Sandler&nbsp;analyst Mark A. Lear writes that the&nbsp;company&#8217;s&nbsp;FY25 guidance sets a strong foundation, with oil and total volume projections slightly exceeding consensus on a 4% reduction in capex.&nbsp;The analyst has an Overweight rating w<a target="_blank" href="https://www.benzinga.com/quote/dvn/analyst-ratings" rel="noreferrer noopener">ith a price forecast of $54.</a>
Given its history of setting achievable targets, the analyst expects a positive market reaction to the fourth-quarter beat and the improved efficiency in FY25 guidance, especially following the&nbsp;stock&#8217;s&nbsp;de-rating since mid-2024.
With a Sector Perform rating and $50 price forecast, RBC Capital Markets analyst Scott Hanold says that&nbsp;Devon&#8217;s&nbsp;2025 outlook exceeded expectations, reflecting steady operations and strong efficiency across its asset base.
The analyst adds that all&nbsp;Bakken capital is directed toward high-return Grayson Mills acreage, while the benefits of Eagleford assets are expected to drive capital efficiency and production growth.
Investors can gain exposure to the stock via&nbsp;Invesco Energy&nbsp;Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXE#NYSE">PXE</a>) and&nbsp;Texas Capital&nbsp;Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action: DVN shares are up 8.2% at $37.75 at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43796040/marjorie-taylor-greene-discloses-new-stock-trades-palantir-purchase" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Discloses New Stock Trades: Is Palantir Purchase Conflict Of Interest For Committee Assignments?</a></li>
</ul>
Photo via Shutterstock.

Analyst Color

Price Target

Reiteration

Analyst Ratings

Trading Ideas

PowerShares ETF Trust Dynamic Energy Exploration & Production Port

Devon Energy Has Strong Tailwinds, Analyst Says

Diamondback Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) intends to acquire subsidiaries of Double Eagle IV Midco for approximately 6.9 million shares of its&nbsp;<a href="https://www.benzinga.com/pressreleases/25/02/g43775603/diamondback-energy-inc-announces-midland-basin-acquisition" target="_blank" rel="noreferrer noopener">common stock and $3 billion in cash</a>.&nbsp;
The company plans to fund the cash portion of the deal through cash on hand, credit facility borrowings, and potential term loans or senior notes offerings.
The asset spans approximately 40,000 net acres in the core of the Midland Basin, with an&nbsp;estimated run-rate production&nbsp;of 27 MBo/d, of which 69% is oil.
The acquisition extends the pro forma inventory life in the region, with&nbsp;68% of the asset&nbsp;remaining&nbsp;undeveloped, including 407 estimated gross (342 net) horizontal locations in primary development targets, averaging a lateral length of over 11,000 feet.
The company projects capital expenditures&nbsp;for 2025&nbsp;of $200 million, based on current Midland Basin well costs ranging from $555 to $605 per foot.
Diamondback projects closing the transaction on April 1, 2025, pending regulatory approval and the fulfillment of customary closing conditions.
Diamondback and Double Eagle have also agreed to fast-track development on&nbsp;Diamondback's&nbsp;non-core southern Midland Basin acreage, accelerating Net Asset Value (NAV) realization.&nbsp;
This transaction&nbsp;is expected&nbsp;to enhance Free Cash Flow per share growth&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">by 5%+ from 2026 onward</a>.
Also, Diamondback plans to sell a minimum of $1.5 billion in non-core assets to expedite debt reduction and preserve its strong financial position.&nbsp;
The company aims to lower net debt to $10 billion and sustain long-term leverage between $6 billion and $8 billion.
Diamondback CEO Travis Stice said there are 407 locations adjacent to the company&#8217;s &#8220;core position.&#8221;
&#8220;Additionally, we see value uplift to our existing inventory as acreage overlap allows for meaningful lateral length extensions and infrastructure synergies,&#8221; he added.
The company plans to release its fourth quarter 2024&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">financial results&nbsp;on February 24, 2025</a>.
Investors can gain exposure to the FANG stock via two ETFs: 
<ul>
<li>Texas Capital Funds Trust Texas Capital Texas Oil Index ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)</li>
<li>IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).</li>
</ul>
Price Action: FANG shares are down 0.54% at $156.14&nbsp;at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43537127/cohen-steers-expands-active-etf-offerings-with-three-new-funds" target="_blank" rel="noreferrer noopener">Cohen &amp; Steers Expands Active ETF Offerings With Three New Funds</a></li>
</ul>
Image: Shutterstock

FANG

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

Diamondback Bolsters Plans $3 Billion-Plus Double Eagle Acquisition

BP PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are trading lower after <a href="https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-fourth-quarter-2024-results.pdf" target="_blank" rel="noreferrer noopener">the </a>company reported fourth-quarter results.
Sales and other operating revenues came in at&nbsp;$45.752 billion, missing the consensus of&nbsp;$47.511 billion.
Hydrocarbon production was 850 mboe/d (-5.4% Y/Y), with underlying production declining&nbsp;2.7% Y/Y mainly due to base decline in Egypt.
The Renewables pipeline stood at 60.6GW (bp net), including a 38.7GW bp net share from Lightsource bp&#8217;s (LSbp&#8217;s) pipeline in the quarter.&nbsp;
Adjusted EBITDA declined to&nbsp;$8.41 billion from&nbsp;$10.57 billion a year ago.&nbsp;Underlying RC profit per American Depositary Share (ADS) came in at&nbsp;$0.44,<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener"> missing the consensus of&nbsp;$0.47.&nbsp;</a>
Operating cash flow was&nbsp;$7.43 billion, compared to&nbsp;$9.38 billion in the prior-year quarter.&nbsp;
Capital expenditure was&nbsp;$3.73 billion versus&nbsp;$4.71 billion a year ago.&nbsp;Net debt rose to&nbsp;$23.0 billion from&nbsp;$20.9 billion a year ago.
Chief executive officer Murray Auchincloss said, &#8220;We have been reshaping our portfolio &#8211; sanctioning new major projects, and focusing our low-carbon investment &#8211; and we have made strong progress in reducing costs. Building on the actions taken in the last 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns.&#8221;
Kate Thomson, Chief Financial Officer, stated, &#8220;During the year, we introduced our target to deliver at least $2 billion of savings(a) by the end of 2026 relative to 2023 and are making strong progress, achieving $0.8 billion of structural cost reduction. We raised the dividend per ordinary share by 10% and delivered $7 billion of share buybacks.&#8221;
Related: <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43608991/bp-set-to-report-q4-earnings-as-elliot-management-builds-stake" rel="noreferrer noopener">BP Set To Report Q4 Earnings As Elliot Management Builds Stake: Declining Margins, Revenues In The Spotlight</a>
Dividend: BP disclosed an interim dividend of 8.000 cents per ordinary share, payable on March 28, 2025. Holders of ADSs are expected to receive&nbsp;$0.48 per ADS.
Repurchase: The company completed previously announced&nbsp;$1.75 billion in share buybacks during the quarter.
Furthermore, BP plans to conduct a&nbsp;$1.75 billion&nbsp;share buyback before its&nbsp;first-quarter&nbsp;earnings release.
Elliott Management, a U.S.-based activist hedge fund managing approximately $70 billion in assets, reportedly acquired a stake in BP. The fund advocates for substantial changes at the British oil <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/02/43591241/whats-going-on-with-oil-giant-bp-stock-today" rel="noreferrer noopener">company to boost its performance</a>.
First-Quarter FY25&nbsp;Outlook: BP anticipates upstream production to be lower than the&nbsp;fourth quarter&nbsp;of 2024.
In its customer business, BP projects seasonally lower volumes sequentially, with fuel margins likely remaining sensitive to supply cost fluctuations.
In the products segment, BP expects refining margins to stay low in the&nbsp;first quarter and expects a lower level of refinery turnaround activity compared to the fourth quarter of 2024.
FY25&nbsp;Guidance: BP&nbsp;expects reported upstream production to be lower and underlying upstream production to be&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">slightly lower than the prior year</a>.&nbsp;
It anticipates divestments and other proceeds to be around $3 billion&nbsp;for the year, with weighted towards the second half.
BP anticipates approximately $3 billion in divestment and other proceeds in 2025, primarily in the second half.
With $22 billion realized since the second quarter of 2020, the company remains on track to achieve its $25 billion target for the 2020-2025 period.
The company sees Gulf of America settlement payments for the year to be about $1.2 billion&nbsp;pre-tax, including&nbsp;$1.1 billion&nbsp;pre-tax to be paid during the&nbsp;second quarter.
Yesterday, BP inked a contract with Oil and Natural Gas Corporation Limited (ONGC), as per which bp will serve as the Technical Services Provider (<a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/ongc-and-bp-sign-contract-to-enhance-production-from-mumbai-high.html" rel="noreferrer noopener">TSP</a>) for the Mumbai High field, India&#8217;s largest and most prolific offshore oil field.
Investors can gain exposure to the stock via&nbsp;Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and Abacus FCF Real Assets Leaders ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ABLD#BATS">ABLD</a>).
Price Action: BP shares are trading lower by 0.67% at $34.19 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/02/43614105/activist-investor-elliott-builds-25-billion-stake-in-phillips-66-pressures-for-midstream-spinoff-report" target="_blank" rel="noreferrer noopener">Activist Investor Elliott Builds $2.5 Billion Stake In Phillips 66, Pressures For Midstream Spinoff: Report</a></li>
</ul>
Photo: Jon Lyall via Shutterstock.

Earnings

ABLD

BP Q4 Results: Lower Revenue, Rising Debt, CEO Pledges Fundamental Strategy Shift And More

JP Morgan analyst Arun Jayaram raised the price forecast from $123 to $127 for ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) following fourth-quarter results reported yesterday.
The company reported revenue of $14.74 billion, beating the consensus of $14.30 billion and adjusted EPS of $1.98, <a href="https://www.benzinga.com/news/earnings/25/02/43527607/conocophillips-beats-q4-revenue-and-eps-estimates-sets-10b-return-of-capital-target" target="_blank" rel="noreferrer noopener">beating the consensus of $1.84</a>. 
The analyst writes that the key takeaway from ConocoPhillips&#8217; call was its focus on long-term FCF growth, with 2025 marking peak long-cycle capex at ~<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$3 billion of the $12.9 billion budget</a>.
ConocoPhillips also announced a $1.4 billion capex reduction vs. PF MRO/COP 2024 spending while maintaining low single-digit volume growth, driven by efficiency gains, program optimization, $500 million in MRO synergies and $200 million in cost deflation, added Jayaram.
The analyst updated the model to reflect COP's 2025 guidance of 2,360 million Boe/d production and $12.9B in capex, with lower volumes due to ~$600 million in asset sales, planned turnarounds and winter weather impacts.
Jayaram now forecasts 2,365 million Boe/d, slightly below consensus, and estimate $10 billion in pre-dividend FCF at recent strip pricing.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 0.92% at $99.03 at the last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com//node/43538506" target="_blank" rel="noreferrer noopener">ConocoPhillips&#8217; 2025 Outlook Holds Steady Despite Production Headwinds: JP Morgan</a></li>
</ul>
Photo: Shutterstock

JP Morgan Updates ConocoPhillips Forecast: Sees $10 Billion Pre-Dividend FCF In 2025

JP Morgan analyst Arun Jayaram expressed views on ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) fourth-quarter results reported today. The analyst has an <a href="https://www.benzinga.com/quote/COP/analyst-ratings" target="_blank" rel="noreferrer noopener">Overweight rating on the stock.</a>
The company reported revenue&nbsp;of&nbsp;$14.74 billion, beating the consensus of&nbsp;$14.30 billion, and adjusted EPS of&nbsp;$1.98, <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43527607/conocophillips-beats-q4-revenue-and-eps-estimates-sets-10b-return-of-capital-target" rel="noreferrer noopener">beating the consensus of&nbsp;$1.84</a>.&nbsp;
The analyst expects a slightly positive market reaction to ConocoPhillips'&nbsp;&nbsp;earnings, which featured a beat, a largely in-line 2025 outlook, and a $10 billion return of capital commitment matching expectations (JPM estimates at $9.95 billion).
The return of capital plan is based on current commodity prices and the company&#8217;s historical practice of returning 40%-45% of CFO, though adjustments may occur depending on market conditions, adds the analyst.
Jayaram writes that for 2025, ConocoPhillips projects production of 2,360 MBoe/d, 1% below JPM estimates, while capex guidance of $12.9 billion aligns with JPM estimates.
Notably, 2025 capex includes 15% lower spending in the Lower 48 while still delivering low single-digit pro-forma production growth, per the analyst.
The analyst says that the production outlook was impacted by ~$600 million in non-core asset sales, planned turnarounds of 20 MBoe/d, and adverse winter weather in the first quarter of 2025, which reduced January production by 60 MBoe/d, or 20 MBoe/d for the quarter.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 0.67% at $99.54 at the last check Thursday.
Photo via Shutterstock.
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ConocoPhillips' 2025 Outlook Holds Steady Despite Production Headwinds: JP Morgan

ConocoPhillips&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43523603/conocophillips-reports-fourth-quarter-and-full-year-2024-results-announces-2025-guidance-and-quart" rel="noreferrer noopener">released&nbsp;fourth-quarter&nbsp;results</a>.
Here&#8217;s a breakdown of the&nbsp;report.
<ul>
<li>Revenue of $14.74 billion, beating the consensus of $14.30 billion.</li>
<li>Adjusted EPS of $1.98<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">, beating the consensus of $1.84</a>. </li>
<li>Operating cash flow stood at $20.1 billion in 2024.</li>
<li>Repurchased $5.5 billion of shares and $3.6 billion through the ordinary dividend and variable return of cash in 2024.</li>
<li>Ended the year with $6.4 billion in cash and short-term investments and $1.1 billion in long-term investments.</li>
</ul>
Production: The company produced 2,183&nbsp;thousand barrels of oil equivalent per day (MBOED). That&#8217;s an increase of 281&nbsp;MBOED from the same period a year ago.
Lower 48 production averaged 1,308&nbsp;MBOED, which includes 833&nbsp;MBOED from the Permian, 296&nbsp;MBOED from the Eagle Ford, and 151&nbsp;MBOED from the Bakken assets.
The average realized price fell&nbsp;10%&nbsp;Y/Y to&nbsp;$52.37&nbsp;per barrel of oil equivalent (BOE).
ConocoPhillips&#8217; preliminary 2024 year-end proved reserves stood at 7.8 billion barrels of oil equivalent (BBOE), with a preliminary reserve replacement ratio of 244%.
Dividend: ConocoPhillips expects a quarterly dividend per share of&nbsp;$0.78,&nbsp;payable on March 3, 2025, to stockholders of record as of February 17, 2025.
<a target="_blank" href="https://static.conocophillips.com/files/resources/4q24-earnings-release-deck.pdf" rel="noreferrer noopener">Outlook</a>: ConocoPhillips projects&nbsp;first-quarter production of 2.34 &#8211; 2.38 million barrels of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">oil equivalent per day</a>.
Ryan Lance, chairman and chief executive&nbsp;officer, said, &#8220;Looking ahead, we are focused on achieving more than $1 billion in integration-related run rate synergies by year-end, over half of which is already reflected in our announced capital guidance. We are starting the year with a $10 billion return of capital target.&#8221;
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 0.71% at $99.50 premarket at the last check Thursday.
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Photo via Shutterstock.

ConocoPhillips Beats Q4 Revenue And EPS Estimates, Sets $10B Return of Capital Target

Oil and gas giant BP Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) is reducing its workforce by 4,700 positions, which accounts for 5% of its employees, and eliminating more than 3,000 contractor jobs.
The oil giant aims to streamline its operations and reduce costs as part of an ongoing initiative to cut <a href="https://www.benzinga.com/news/earnings/24/05/38665532/why-bp-shares-are-trading-lower-premarket-today">$2 billion by the end of 2026.</a>
CEO Murray Auchincloss communicated these cuts to staff as part of the company&#8217;s ongoing cost-reduction efforts.
Since June 2024, BP suspended or paused 30 projects to concentrate on its most lucrative initiatives, according to a report from <a href="https://www.bloomberg.com/news/articles/2025-01-16/bp-eliminates-thousands-of-jobs-in-cost-cutting-effort-ceo-says?srnd=phx-industries-energy&amp;sref=TBDibEcD">Bloomberg</a>.
BP employs approximately 90,000 people worldwide, and while the cuts will affect several regions, specific details on country-level job losses have not been disclosed, reported <a href="https://www.bbc.com/news/articles/ckgy3ve1q69o">BBC</a>.
The restructuring comes under the leadership of CEO Auchincloss, who <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/murray-auchincloss-appointed-bp-chief-executive-officer.html">took the helm a year ago</a>.
The CEO, in his memo to the employees, stated that the company's pivot toward more digital capabilities, including artificial intelligence in engineering and marketing, would boost its operations.
Also Read: <a href="https://www.benzinga.com/25/01/43027582/toyota-subsidiary-agrees-to-16b-settlement-over-emission-data-fraud">Toyota Subsidiary Agrees To $1.6B Settlement Over Emission Data Fraud</a>
BP's decision to scale back its oil and gas production reduction targets for 2030 has been controversial, with some of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36829332/battleground-for-oil-majors-bp-activist-investor-calls-for-cut-in-green-energy-pled">investors supporting the decision</a>.
In 2020, BP set a goal to <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/from-international-oil-company-to-integrated-energy-company-bp-sets-out-strategy-for-decade-of-delivery-towards-net-zero-ambition.html">reduce its oil and gas</a> production by 40% by 2030.&nbsp;The goal was <a href="https://www.bp.com/en/global/corporate/sustainability/getting-to-net-zero/five-aims-to-get-bp-to-net-zero.html">abandoned in October 2024</a>. 
Earlier this week, BP said production in its fiscal fourth quarter is expected to be <a href="https://www.benzinga.com/25/01/42971311/bp-warns-of-lower-oil-gas-output-in-fourth-quarter-update">lower than in the third quarter</a>. 
For the fourth quarter, the company anticipates a decline in upstream production compared to the previous quarter, with reductions in both oil and gas &amp; low-carbon energy output.
In the gas and low-carbon energy segment, realizations are expected to improve by $0.1 to $0.2 billion, driven by fluctuations in non-Henry Hub natural gas prices.
In the oil production and operations sector, BP predicts a negative impact on realizations of $0.2 billion to $0.4 billion, primarily due to price lags, especially in the Gulf of Mexico and UAE.
The company&#8217;s operating revenues for the third quarter came in at $47.254 billion, missing the <a href="https://www.benzinga.com/news/earnings/24/10/41598840/bp-stock-drops-as-q3-revenue-misses-mark-production-declines-debt-rises">consensus of $52.557 billion</a>.
Investors can gain exposure to the stock via Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and Amplify Natural Resources Dividend Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NDIV#NYSE">NDIV</a>).
BP Price Action: BP shares are trading higher by 1.55% at $31.79 at publication Thursday.
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Photo: Jon Lyall via Shutterstock

Global

General

BP Slashes Workforce By 5% To Reach $2 Billion In Savings Goal

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares fell premarket on Tuesday after&nbsp;the company&nbsp;updated&nbsp;fourth-quarter&nbsp;guidance.
The company expects upstream production to decline compared to the previous quarter, <a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/fourth-quarter-2024-trading-statement.html" rel="noreferrer noopener">with </a>decreases in both oil production and gas &amp; low-carbon energy.
In the gas &amp; low carbon energy segment, realizations are expected to benefit by $0.1 to $0.2 billion, driven by changes in <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">non-Henry Hub natural gas prices</a>.
Also, in the oil production &amp; operations segment, the company anticipates realizations to have an unfavorable impact of&nbsp;$0.2 billion&nbsp;to&nbsp;$0.4 billion due to price lags,&nbsp;particularly in the Gulf of Mexico and UAE.
Apart from this, BP projects lower exploration write-offs to be $0.1 billion to $0.2 billion lower quarter-over-quarter.
The company anticipates gas marketing and trading results to be average.
In the customers &amp; products segment, BP expects results to be lower due to seasonally reduced volumes, weaker fuel margins, FX losses, and a one-off inventory adjustment from the bio-ethanol acquisition.
Also, Refining margins are projected to decline by $0.1 billion to $0.3 billion, with increased turnaround impacts, while oil trading performance is anticipated to be weak.
BP now anticipates a decrease in net debt at the end of the quarter. Brent averaged $74.73/bbl in the fourth quarter of 2024 compared to $80.34/bbl in the third quarter of 2024.
Meanwhile, BP's refining marker margin (RMM) averaged&nbsp;$13.1&nbsp;per barrel, compared to&nbsp;$16.5&nbsp;per barrel in the&nbsp;third quarter.
Last week, BP was selected by India's&nbsp;ONGC as a Technical Services Provider (TSP) to enhance <a target="_blank" href="https://www.benzinga.com//node/42900479" rel="noreferrer noopener">production from Mumbai High Field</a>.
Investors can gain exposure to the stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;Amplify ETF Trust Amplify Natural Resources Dividend Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NDIV#NYSE">NDIV</a>).
Price Action: BP shares are down&nbsp;1.83% at $30.65 premarket at the last check Tuesday.
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</ul>
Photo via Shutterstock

BP Warns of Lower Oil, Gas Output in Q4 Update

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) has been selected by India&#8217;s&nbsp;ONGC as a Technical Services Provider (<a target="_blank" href="https://ongcindia.com/web/eng/detail?assetEntry=69670160&amp;assetClassPK=69670154" rel="noreferrer noopener">TSP</a>) to enhance production from Mumbai High Field.
Notably, Shell and BP took part in the pre-bid process, with BP ultimately submitting the bid.
Under the agreement, BP is anticipated to receive a fixed fee for the initial two years, followed by a performance-based service fee linked to a share of net incremental production revenue, after recovering costs.
The contract duration is ten years and BP projects a significant increase in crude oil and gas production during the period, with crude output rising by ~44% from 45.47 MMT &#8211; 65.41 MMT baseline production and gas production growing by ~89% from 24.94 BCM &#8211; 47.22 BCM.
The company expects combined oil and gas output to rise by ~60%, from 70.40 MMToe &#8211; 112.63 MMToe.
The production boost is anticipated to be visible from FY26, with full-scale output targeted by FY28.
The incremental increase is expected to generate up to $10.3 billion in additional oil and gas revenue and up to $5 billion in incremental contributions to the Indian government through royalties, cess, and other levies.
Last month, BP and XRG&#8217;s new joint venture, Arcius Energy, will focus on building a <a target="_blank" href="https://www.benzinga.com/news/contracts/24/12/42513647/arcius-energy-takes-off-bp-and-xrgs-gas-power-play-in-egypt" rel="noreferrer noopener">competitive gas portfolio in Egypt</a>.
Investors can gain exposure to the stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and Amplify ETF Trust Amplify Natural Resources Dividend Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NDIV#NYSE">NDIV</a>)
Price Action: BP shares closed lower by 2.23% at $31.12 on Wednesday.
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BP Secures Landmark Deal With India's ONGC: Details

Ovintiv Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OVV#NYSE">OVV</a>) shares are trading higher after the company inked a definitive purchase agreement to acquire certain&nbsp;Montney&nbsp;assets from Paramount Resources Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PRMRF#OTC">PRMRF</a>), in an all-cash transaction valued at <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41966088/ovintiv-strengthens-portfolio-with-core-oil-rich-montney-asset-acquisition" rel="noreferrer noopener">around $2.377 billion&nbsp;(C$3.325 billion)</a>.
Post closure, the acquisition is expected to add about 70 MBOE/d of production (approximately 25 Mbbls/d of oil and condensate), 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres (approximately 80% undeveloped), in the core of the oil-rich Alberta Montney.
The assets are strategically located near the company&#8217;s current operations and have access to midstream infrastructure with available capacity.
Apart from this, Ovintiv agreed to sell nearly all of its Uinta Basin assets in Utah to FourPoint Resources, LLC, for around $2.0 billion in cash.
Both transactions are anticipated to close by the end of the first quarter of 2025, pending customary closing conditions and adjustments.
Together, these transactions are projected to boost Ovintiv&#8217;s 2025 non-GAAP free cash flow by about $300 million, raising 2025 free cash flow per share by approximately <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">20% over prior expectations</a>.
Following the transactions, Ovintiv will operate three rigs in Montney, five in Permian, and one to two in Anadarko, allocating 85%-90% of its 2025 capital to Permian and Montney.
Synergies: The combined transactions are projected to yield annual cost synergies of about $125 million through well cost savings, overhead reductions, and Canadian cash tax benefits.
Ovintiv expects per well cost savings of over $1.5 million on the acquired assets, aligning with its current Montney well costs of approximately $550 per foot due to operational efficiencies and scale advantages.
Buyback Paused: Ovintiv has temporarily paused its share buyback program to recover approximately $377 million borrowed for the Montney asset purchase, representing the net difference after the Uinta assets sale.
The company has allocated roughly $181 million from the buyback pause to debt reduction in the fourth quarter.
Ovintiv anticipates resuming buybacks in the second quarter of 2025 and has paused further acquisitions until then. The base dividend is expected to remain unchanged.
Outlook: The company projects 2025 oil and condensate production at 205 Mbbls/d and total production at 620 MBOE/d, with capital spending of $2.2 billion, $100 million below prior estimates.
As of&nbsp;October 31, the company&#8217;s non-GAAP net debt was&nbsp;$5.65 billion.
Investors can gain exposure to the stock via Invesco Energy Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXE#NYSE">PXE</a>) and Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action: OVV shares are up 3.55% at $43.71 at the last check Thursday.
Photo via Shutterstock
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Dividends

Buybacks

Asset Sales

PRMRF

Ovintiv Shakes Up Portfolio With $2.38 Billion Montney Acquisition And $2 Billion Uinta Basin Sale, Pauses Buyback

Analysts expressed views on ConocoPhillips&#8217; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) <a target="_blank" href="https://www.benzinga.com//node/41653155" rel="noreferrer noopener">mixed third-quarter results.</a>
On Thursday, ConocoPhillips reported an adjusted EPS of $1.78, beating estimates; revenue of $13.6 billion vs. $14 billion expected.
The company boosted its quarterly dividend by 34% to $0.78/share. The company raised the&nbsp;outlook&nbsp;for FY24 production to 1.94-1.95 <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">MMBOED (from 1.93 to 1.94 MMBOED)</a>.
Truist Securities analyst Neal Dingmann expects pro forma FCF to rise substantially due to strong organic performance and additional cash flow from Marathon Oil. The analyst reiterated the <a href="https://www.benzinga.com/quote/cop/analyst-ratings">Buy rating and $138 price target on COP.</a>
With stable prices, ConocoPhillips could potentially repurchase nearly all shares issued to MRO within 6-7 quarters, assuming the dividend remains steady and debt repayment is deprioritized, given the company&#8217;s strong balance sheet, adds the analyst.
The analyst says that ConocoPhillips&#8217; FCF is anticipated to be driven by a balanced portfolio, including Lower 48 activities, LNG projects, and Alaskan operations.
Dingmann revised EBITDAX estimates to $24.988 billion (from $24.719 billion) vs. consensus of $24.443 billion for 2024 and $33.208 billion (from $33.745 billion) vs. estimate of $27.939 billion for 2025.
Scotiabank analyst Paul Y.Cheng expects ConocoPhillips&#8217; (Sector Perform, $115 price target) third-quarter 2024 results to positively influence its near-term share price performance.
The analyst estimates adjusted EPS of $7.40 and EBITDA of $22.912 billion in 2024.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 1.66% at $107.71&nbsp;at the last check Thursday.
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ConocoPhillips-Marathon Synergy Will Boost Free Cash Flow And Stock Buyback: Analyst

ConocoPhillips&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company released&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41648660/conocophillips-announces-third-quarter-2024-results-increases-quarterly-ordinary-dividend-and-exis" rel="noreferrer noopener">third-quarter results</a>.
Here's a breakdown of the&nbsp;report.
<ul>
<li>Revenue of $13.604 billion missed the consensus of $14.018 billion</li>
<li>Adjusted EPS of $1.78<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">, beating the consensus of $1.64</a>. </li>
<li>Operating cash flow stood at $5.8 billion.</li>
<li>$2.9 billion of capital expenditures and investments funded.</li>
<li>$0.9 billion in ordinary dividends and VROC paid.</li>
<li>Repurchased $1.2 billion of shares.</li>
<li>Quarter ended with $7.1 billion in cash and short-term investments and $1.0 billion in long-term investments.</li>
</ul>
Dividend boost: ConocoPhillips raised the quarterly dividend per share by&nbsp;34%&nbsp;to&nbsp;$0.78,&nbsp;payable on December 2, 2024, to stockholders of record as of November 11, 2024.
The Board approved an increase to the company&#8217;s existing share repurchase authorization by up to&nbsp;$20 billion.
Production: The company produced 1,917 thousand barrels of oil equivalent per day (MBOED). That's an increase of 111 MBOED from the same period a year ago.
Lower 48 production averaged 1,147 MBOED, which includes 781 MBOED from the Permian, 246 MBOED from the Eagle Ford, and 107 MBOED from the Bakken assets.
The average realized price fell 10% Y/Y to&nbsp;$54.18 per barrel of oil equivalent (BOE).
<a target="_blank" href="https://static.conocophillips.com/files/resources/3q24-earnings-release-deck.pdf" rel="noreferrer noopener">Outlook</a>: ConocoPhillips projects&nbsp;third-quarter&nbsp;production of 1.99-2.03 million barrels of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">oil equivalent per day (MMBOED)</a>.
The company raised the&nbsp;outlook&nbsp;for FY24 production to 1.94-1.95 MMBOED (from 1.93 to 1.94 MMBOED).
ConocoPhillips reiterated capital expenditures<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40099637/mixed-bag-for-conocophillips-q3-production-gains-amidst-earnings-pressure" rel="noreferrer noopener"> guidance&nbsp;at about&nbsp;$11.5 billion</a>.
Ryan Lance, chairman and chief executive&nbsp;officer, said, &#8220;We still anticipate closing the planned acquisition of Marathon Oil this quarter and expect to significantly exceed our initial $500 million synergy guidance.&#8221;
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are up 2.95% at $106.02 premarket at the last check Thursday.
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ConocoPhillips Q3 Earnings: EPS Beat, Dividend Boost, Buyback Expansion & More

TotalEnergies SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>) shares are trading higher premarket on Wednesday. The company inked a mid-term LNG supply contract with Santos to supply <a target="_blank" href="https://www.santos.com/wp-content/uploads/2024/10/Santos-signs-mid-term-LNG-supply-contract.pdf" rel="noreferrer noopener">20 LNG</a> cargoes, or up to 0.5 million tonnes annually, over three years plus one quarter.
Starting in the fourth quarter of 2025, the LNG will be sourced from Santos&#8217; global portfolio and delivered ex-ship.
Santos Managing Director and Chief Executive Officer Kevin Gallagher said, &#8221;This oil indexed contract, along with the recently executed long-term LNG Sales and Purchase Agreement with Hokkaido Gas in Japan, and the mid-term contract with Glencore, demonstrates Santos' strong LNG portfolio position and customer relationships in the region.&#8221;
&#8220;Our portfolio is nicely balanced over the short to medium term with around eighty percent of volumes indexed to oil price and around twenty percent exposed to spot pricing.&#8221;
&#8221;There continues to be extremely strong demand in Asia for high heating value LNG from projects such as Barossa and PNG LNG as countries focus on reducing their carbon emissions. Santos is committed to supporting the energy security of our valued customers across Asia, where gas will play an essential role in decarbonisation efforts across the region.&#8221;
Yesterday, TotalEnergies, along with APA Corporation and Staatsolie Maatschappij Suriname, disclosed a Final Investment Decision (FID) for the first oil development in&nbsp;<a target="_blank" href="https://benzinga.com/markets/equities/24/10/41125582/why-is-apa-corp-stock-seeing-blue-skies-on-tuesday" rel="noreferrer noopener">Block 58, located offshore Suriname</a>.
The total investment is estimated at $10.5 billion, with the first oil expected in 2028.
Investors can gain exposure to the stock via&nbsp;Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MVPA#NYSE">MVPA</a>) and&nbsp;Octane All-Cap Value Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCTA#NASDAQ">OCTA</a>).
Price Action: TTE shares are up 2.60% at $67.39 premarket at the last check Wednesday.
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MVPA

OCTA

TotalEnergies Inks LNG Supply Contract With Santos: Details

APA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APA#NASDAQ">APA</a>) shares are trading higher after the company announced a Final Investment Decision (FID) for the first oil development in<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41116965/apa-announces-final-investment-decision-for-first-oil-development-offshore-suriname" rel="noreferrer noopener"> Block 58, located offshore Suriname</a>.
In June 2024, APA, along with TotalEnergies SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>) and Staatsolie Maatschappij Suriname disclosed key advancements towards the <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39187808/suriname-oil-boom-on-the-horizon-totalenergies-apa-near-fid-for-block-58" rel="noreferrer noopener">FID for developing offshore&nbsp;Block 58</a>.
TotalEnergies and APA operate Block 58, with each holding a 50% stake. Staatsolie, Suriname&#8217;s national oil company, has the option to join the development project with up to a 20% interest once the FID is made.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/23/09/34579825/totalenergies-eyes-9b-oil-venture-in-block-58-offshore-suriname-production-to-begin-in-2028" rel="noreferrer noopener">TotalEnergies Eyes $9B Oil Venture In Block 58 Offshore Suriname, Production To Begin In 2028</a>
The total investment is estimated at $10.5 billion, with first oil expected in 2028.
The project, named GranMorgu, includes production from the Krabdagu and Sapakara oil discoveries and has confirmed gross estimated recoverable resources exceeding 750 million barrels of oil through appraisal drilling.
GranMorgu will utilize technology to minimize greenhouse gas emissions, featuring an all-electric FPSO configuration with zero routine flaring and complete reinjection of associated gas into reservoirs.
Alongside securing approval for the Phase-1 Central Area Field Development, the partnership has maintained the option for additional exploration in Block 58.
This will enable the companies to thoroughly investigate the substantial untapped potential of the block within the established trend, as well as explore untested areas.
Investors can gain exposure to APA via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and Octane All-Cap Value Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCTA#NASDAQ">OCTA</a>).
Price Action: APA shares are up 4.80% at $25.64 at the last check Tuesday.
Photo via Shutterstock
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Why Is APA Corp Stock Seeing Blue Skies On Tuesday?

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) extended the partnership with Uniper, securing up to 10 billion cubic meters of natural gas for Northwest Europe over the <a target="_blank" href="https://www.uniper.energy/news/uniper-and-conocophillips-extend-long-term-gas-supply-partnership-in-northwest-europe" rel="noreferrer noopener">next </a>ten years.
Uniper provides municipal utilities and industrial clients with a diverse gas portfolio, including pipeline gas, LNG, and storage. It is enhancing energy security in Europe while transitioning to greener options like hydrogen and biomethane for decarbonization.
Khoa Dao, CCO ConocoPhillips, stated, &#8220;This agreement will further advance our growing LNG portfolio marketing efforts and help to ensure placement of vital gas supply into Europe.&#8221;
Carsten Poppinga, CCO Uniper, said, &#8220;We are excited to announce this significant deal, which is not only a great success for Uniper but also of central importance to energy security. This deal aims to enable us to sustainably strengthen the supply of gas in Germany and Europe on a long-term basis.&#8221;
Last month, ConocoPhillips reported second-quarter FY24 adjusted EPS of $1.98, beating the consensus of $1.96 and revenue of $14.136 billion, <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40099637/mixed-bag-for-conocophillips-q3-production-gains-amidst-earnings-pressure" rel="noreferrer noopener">which missed expectations of $14.919 billion</a>.
The company expects FY24 production of 1.93 to 1.94 MMBOED and capital <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">expenditures guidance of about $11.5 billion</a>.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are up 0.11% at $110.67 premarket at the last check Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

ConocoPhillips, Uniper Ink 10-Year Gas Supply Deal

Occidental Petroleum Corporation&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) subsidiary, 1PointFive, disclosed that the U.S. Department of Energy&#8217;s Office of Clean Energy Demonstrations (OCED) will provide up to $500 million to support the development of the South <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40842544/1pointfives-south-texas-direct-air-capture-hub-awarded-u-s-department-of-energy-funding" rel="noreferrer noopener">Texas Direct Air Capture (DAC) Hub</a>.
1PointFive&#8217;s South Texas DAC Hub, located on the King Ranch in Texas, will start with a capacity to remove 500,000 metric tons of CO2 annually, with plans to scale to over 1 million metric tons.
The site could expand to remove 30 million metric tons per year and securely store up to 3 billion metric tons in saline formations.
The funding will be provided in multiple phases, starting with an initial award of $50 million to advance 1PointFive&#8217;s work at the South Texas DAC Hub.
This will support engineering, permitting, procurement of long-lead equipment, and continued community engagement to enhance the community benefits plan.
The total award for the South Texas DAC Hub is expected to reach up to $500 million for the initial DAC facility, with potential to increase to $650 million for expanding a regional carbon network in South Texas.
President and CEO Vicki Hollub, Occidental, said, &#8220;This award demonstrates how the U.S. Department of Energy is committed to realizing the full potential of DAC and its confidence in the South Texas DAC Hub to deliver CO2&nbsp;removal at a climate-relevant scale.&#8221;
In August, the company disclosed a $3 billion reduction in principal debt in the third quarter of 2024, driven by strong organic&nbsp;cash flow and <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40444032/occidental-petroleum-speeds-up-debt-repayment-with-3b-reduction-details" rel="noreferrer noopener">proceeds from divestitures</a>.
Following the anticipated closing of the $818 million Barilla Draw divestment, Occidental plans to use the proceeds for debt repayments.
Investors can gain exposure to the OXY stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;First Trust Nasdaq Oil &amp; Gas ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXN#NASDAQ">FTXN</a>).
Price Action: OXY shares are up 0.80% at $51.40 premarket at the last check Friday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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