ConocoPhillips to Focus on Operational Stability Amid Rising Commodity Price Volatility, RBC Says

MT Newswires Live2024-09-14

ConocoPhillips to Focus on Operational Stability Amid Rising Commodity Price Volatility, RBC Says ConocoPhillips (COP) expects rising commodity price volatility and has structured its plans around ...

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There appears to be a good line-of-sight on achieving upside to synergy targets.\" it added.\"Oil prices could dip into the $60's [per barrel] for a couple of months, but likely move back to $70+ [per barrel],\" RBC said, adding that US oil growth for 2024 is 300 million barrels per day, LNG demand is strong in Europe and Asia, natural gas prices might rise to $3 per thousand cubic feet to $4 per thousand cubic feet long-term, and hyper-scalers are eyeing natural gas for AI datacenters.In Q2, ConocoPhillips slightly raised its budget to $11.5 billion due to increased non-operated activity and accelerated spending at the Willow project, RBC said, adding that \"[ConocoPhillips] does not overreact to price changes and operates a more stable business, which should create more value long-term. The plan is to stay-the-course but there is a lot of flexibility in the budget given the short-cycle dynamics in the Lower-48, if needed.\"RBC has an outperform rating on ConocoPhillips with a price target of $140.Price: 103.38, Change: +0.48, Percent Change: +0.47","kind":"live","is_publish_news":false,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2467884330"}