Why ConocoPhillips Stock Flew Higher on Friday
The company agreed to take on a large stake in a series of oil plays in northern Iraq.
Overview
A major investment in the heart of a major oil-producing region was the engine driving ConocoPhillips (NYSE: COP) stock higher on Friday. The sprawling upstream oil company's shares rose by almost 2% on the news, effortlessly topping the S&P 500 index's 1% decline.
Before market open that morning, ConocoPhillips announced that it agreed with BP to acquire a 42% stake in the British energy giant's BP Energy Company of Kirkuk in Iraq. The deal gives the company a large piece of four oil fields located in Kirkuk, a region in northern Iraq.
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Details
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Originally published at www.fool.com.
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