3 Energy Stock Stories to Spark Weekend Investment Chatter
ConocoPhillips (NYSE:COP): Closing price $73.19
ConocoPhillips says that it now favors centering upon oil fields closer to home, and will abandon higher-risk assets farther off, to that effect. The company said that it anticipates proceeds of close to $9 billion from the divestiture of its interests in Kazakhstan, Algeria, and Nigeria. Conoco’s plan to concentrate on North America was reinforced on Thursday when it reduced its production forecast for 2013 due to unrest in Libya. The lowered estimate was the primary negative in Conoco’s third-quarter results the company posted a better-than-expected 39 percent jump in profit, attributed in part to higher oil and natural gas prices.