ConocoPhillips (NYSE:COP) stock traded higher Friday after the company agreed to acquire a 42% interest in BP Plc's (NYSE:BP) BP Energy Company of Kirkuk Limited (BP ECKL).
The broader market backdrop also provided support.
While technology and artificial intelligence stocks came under pressure Friday, investors rotated into energy names as elevated crude oil prices and ongoing geopolitical tensions reinforced expectations for strong cash flows across major oil producers.
ConocoPhillips Expands In Iraq The acquisition gives ConocoPhillips exposure to four producing oil fields in northern Iraq.
BP ECKL holds the development and production contract covering the Baba and Avanah domes of the Kirkuk oil field, along with Bai Hassan, Jambur and Khabbaz.
