LUNDQUIST ANDREW D sold $1.3M of COP

BP PLC (BP.) agreed to sell a 42% stake in BP Energy Company of Kirkuk to ConocoPhillips, facilitating development of over 3 billion barrels of oil equivalent. Iraq granted operational control of four Kirkuk oilfields to a BP-linked joint operator, aiming to increase crude output to 450,000 barrels per day and utilize 500 million cubic feet per day of associated gas.

Wells Fargo's Sam Margolin maintained a Buy rating on Conocophillips (COP) with a $189.00 price target. Barclays also issued a Buy, while J.P. Morgan kept a Hold. COP reported Q2 revenue of $19.16B and net profit of $3.93B, up from last year. Insider sentiment is negative, with recent sales by executives.

Venture Global and ConocoPhillips signed a 20-year LNG supply agreement for 1 million tons annually, starting in 2030. The deal secures long-term US supply for ConocoPhillips and adds a buyer to Venture Global's portfolio. Venture Global has over 100 mtpa LNG capacity across its facilities, with projects in Louisiana supporting growth and carbon capture initiatives.

Goldman Sachs projects 27% average return for 10 energy and power stocks, including Quanta Services, Duke Energy, and Baker Hughes. Target prices and returns vary, with Golar LNG having the highest return at 38%. The report highlights growth opportunities and catalysts for these companies.

ConocoPhillips (COP) received a $7 billion unsolicited offer for its European assets, which it is reviewing. The deal, if accepted, would free up capital but is not expected to significantly impact the company's market cap of $160 billion. The focus remains on oil price volatility due to geopolitical factors.

Australia will introduce legislation to force LNG producers to reserve up to 20% of output for local buyers, aiming to address domestic shortages. The plan, set for next week, has faced industry opposition. Impacted projects include those with Shell, ConocoPhillips, Santos, and Origin Energy. The policy may affect global LNG prices and government revenues.