ConocoPhillips (COP) Inks MOU to Pursue Natural Gas Opportunities in Syria

ConocoPhillips (NYSE:COP) is an affordable blue-chip stock to buy. On November 18, ConocoPhillips (NYSE:COP), in partnership with Novatera and Syrian Petroleum Company, inked a memorandum of understanding focusing on opportunities in the natural gas sector.

The agreement paves the way for ConocoPhillips to pursue opportunities to develop existing gas fields in Syria and to explore new ones in line with modern technological standards. The collaboration seeks to enhance Syria’s natural gas production and strengthen its energy security.

The push for opportunities in Syria follows analysts at UBS reiterating a Buy rating on the stock and cutting the price target to $117 from $122. The price cut comes amid concerns that a $1 billion to $1.15 billion increase in capital expenditures for the Willow project will result in a significant reduction in the company’s free cash flow. Nevertheless, UBS maintains a Buy stance owing to the company’s strong operational performance and execution of cost reduction programs.

ConocoPhillips (NYSE:COP) is an independent exploration and production (E&P) company that finds, develops, and produces crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas (LNG) worldwide. It explores new resources, maximizes production from existing fields, and transports and markets these products globally.

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Disclosure: None. This article is originally published at Insider Monkey.