Diamondback Secures More Than $1 Billion Through Deep Blue Agreement and EPIC Crude Sale
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
Diamondback Energy's Sale: Diamondback Energy Inc. is selling its Environmental Disposal Systems LLC unit to Deep Blue Midland Basin LLC for $750 million, while retaining a 30% stake and securing a 15-year commitment for water services across 12 counties in West Texas.
Additional Sale and Market Impact: The company is also selling its 27.5% interest in EPIC Crude Holdings LP to Plains All American Pipeline LP for $500 million, with potential contingent payments, as its stock experiences a slight decline.
Analyst Views on COP
Wall Street analysts forecast COP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for COP is 113.39 USD with a low forecast of 98.00 USD and a high forecast of 132.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
18 Analyst Rating
15 Buy
3 Hold
0 Sell
Strong Buy
Current: 96.880
Low
98.00
Averages
113.39
High
132.00
Current: 96.880
Low
98.00
Averages
113.39
High
132.00
About COP
ConocoPhillips is an exploration and production company. Its Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. The Lower 48 segment consists of operations located in the 48 contiguous states in the United States and the Gulf of Mexico. Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the United Kingdom. Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. Other International segment includes interests in Colombia as well as contingencies associated with prior operations in other countries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
