ConocoPhillips (COP) has strengthened its commitment to European energy security by extending its partnership with Uniper. This agreement will see ConocoPhillips supply up to 10 billion cubic meters of natural gas to Northwest Europe over the next ten years.
Uniper, a major energy company, provides a diverse range of gas solutions to municipal utilities and industrial clients across Europe. This includes pipeline gas, liquefied natural gas (LNG), and storage facilities. Uniper is committed to a sustainable energy future and is actively transitioning to greener options, such as hydrogen and biomethane, to achieve decarbonization goals.
Khoa Dao, Chief Commercial Officer of ConocoPhillips, highlighted the importance of this agreement, stating, “This agreement will further advance our growing LNG portfolio marketing efforts and help to ensure placement of vital gas supply into Europe.”
Carsten Poppinga, Chief Commercial Officer of Uniper, echoed this sentiment, emphasizing the deal’s significance for energy security. “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.”
This news follows ConocoPhillips’ strong second-quarter earnings report, where they reported adjusted earnings per share (EPS) of $1.98, surpassing analysts’ estimates of $1.96. Revenue for the quarter reached $14.136 billion, slightly missing expectations of $14.919 billion. The company projects FY24 production of 1.93 to 1.94 million barrels of oil equivalent per day (MMBOED) and anticipates capital expenditures of approximately $11.5 billion.
Investors interested in gaining exposure to ConocoPhillips can consider investing in ETFs such as the Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (OILT) and the IShares U.S. Oil & Gas Exploration & Production ETF (IEO).
ConocoPhillips shares rose 0.11% to $110.67 in pre-market trading on Friday, reflecting the positive impact of this strategic partnership.
