ConocoPhillips (NYSE:COP) extended the partnership with Uniper, securing up to 10 billion cubic meters of natural gas for Northwest Europe over the next ten years.
Uniper provides municipal utilities and industrial clients with a diverse gas portfolio, including pipeline gas, LNG, and storage. It is enhancing energy security in Europe while transitioning to greener options like hydrogen and biomethane for decarbonization.
Khoa Dao, CCO ConocoPhillips, stated, "This agreement will further advance our growing LNG portfolio marketing efforts and help to ensure placement of vital gas supply into Europe."
Carsten Poppinga, CCO Uniper, said, "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."
Last month, ConocoPhillips reported second-quarter FY24 adjusted EPS of $1.98, beating the consensus of $1.96 and revenue of $14.136 billion, which missed expectations of $14.919 billion.
The company expects FY24 production of 1.93 to 1.94 MMBOED and capital expenditures guidance of about $11.5 billion.
Investors can gain exposure to the COP stock via Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:OILT) and IShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO).
Price Action: COP shares are up 0.11% at $110.67 premarket at the last check Friday.
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