ConocoPhillips Agrees To Acquire Entire Stake In Nuna Field

ConocoPhillips’ (NYSE:COP) affiliate ConocoPhillips Alaska has agreed to acquire the entire stake in Nuna discovery. The deal has been signed with Caelus Natural Resources Alaska LLC for the prospect, which is situated in the east of the Colville River.

Notably, the closing of the deal – with effective date of Jun 14, 2019 – awaits regulatory approval. The value of the transaction has not been disclosed yet.

The Nuna prospect, spread across 21,000 acres with 11 tracts, was discovered in 2012. Before taking the final investment decision, ConocoPhillips will assess the discovery.

In Alaska, ConocoPhillips is the largest producer of crude oil, operating roughly 1.3 million net undeveloped acres under leases. The latest deal has fortified the upstream energy player’s position in Alaska’s North Slope. ConocoPhillips has decided to employ the infrastructure of Kuparuk River Unit (KRU) field – the second biggest oilfield in North Slope of Alaska – for the development of the Nuna prospect. This will enable ConocoPhillips to minimize its cost structure while producing optimum oil volumes that will contribute to the company’s revenues and create jobs in Alaska.

Headquartered in Houston, TX, ConocoPhillips currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy sector are Enterprise Products Partners L.P. (NYSE:EPD) , Oasis Midstream Partners LP (NYSE:OMP) and Anadarko Petroleum Corporation (NYSE:APC) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Enterprise Products has average positive earnings surprise of 17% for the last four quarters.

Oasis Midstream is likely to witness earnings growth of 79.1% through 2019.

Anadarko Petroleum has average positive earnings surprise of 6.6% for the last four quarters.

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