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Why ConocoPhillips Stock Flew Higher on Friday

TheMotleyFool

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Why ConocoPhillips Stock Flew Higher on Friday: https://g.foolcdn.com/editorial/images/879665/a-set-of-oil-rigs-in-a-field.jpg

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 500 index's 1% decline.

Before market open that morning, ConocoPhillips announced that it agreed with 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.

Image source: Getty Images.

Source Fool.com