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ConocoPhillips (COP) Restores Texas Production Post Harvey

Zacks

Upstream player ConocoPhillips COP has fully recovered from the after effects of tropical storm Harvey and production from its Eagle Ford field has been restored to previous level of about 130 thousand barrels of oil equivalent per day (MBOED).

Earlier the company had forecasted production for third quarter and full-year 2017 in the range of 1,170-1,210 MBOED and 1,340-1,370 MBOED, respectively. These projections, which exclude Libya and reflect expected impacts from the San Juan, Barnett and Panhandle dispositions, remain unaltered.

About Harvey and its Impact

Touted to be the most powerful hurricane that has hit Texas in five decades, Harvey dropped 50 inches of rain, setting a state record.

Tropical Storm Harvey has caused large-scale flooding along the U.S. Gulf coast, crippling Houston and its port. This has resulted in the shutdown of numerous refineries and the scene is unlikely to change in the next few weeks or even months. Notably, Texas is home to 5.6 million barrels of refining capacity per day while Louisiana has 3.3 million barrels. In addition to catastrophic flooding, the Category 4 storm ravaged properties and caused widespread damage to various industries.

About the Company

ConocoPhillips is a major global exploration and production (E&P) company with operations and activities in 21 countries that include the United States, Canada, the U.K., Norway, China, Australia, offshore Timor-Leste, Indonesia, Libya, Nigeria, Algeria, Russia and Qatar. The company is involved in exploration, development and production of crude oil and natural gas worldwide.

Price Movement

The company’s share price has declined 2% compared with the industry’s decline of 7.2% over the past six months.



Zacks Rank & Key Picks

Currently, ConocoPhillips carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector include TransCanada Corporation TRP, Transmontaigne Partners LP TLP and Range Resources Corporation RRC. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Headquartered in Calgary, Canada, TransCanada is a midstream energy firm in North America. The company delivered an average positive earnings surprise of 4.06% over the last four quarters.

Transmontaigne, headquartered in Denver, CO, involves in transporting and storing refined petroleum products. The firm delivered an average positive earnings surprise of 6.60% over the last four quarters.

Based in Fort Worth, TX, Range Resources is an independent oil and gas company, engaged in the exploration, development and acquisition of U.S. oil and gas resources. The company’s 2017 earnings are estimated to grow 1587.17%.

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