ConocoPhillips COP is modifying its agreement to purchase additional liquified natural gas per year from Sempra Energy’s SRE Port Arthur liquefied natural gas (LNG) export project in Texas.ConocoPhillips will purchase 5 million tons per annum of LNG from southern California-based energy services holding company Sempra Energy’s Port Arthur Phase 1 project in Jefferson County for 20 years.ConocoPhillips also acquired a 30% stake in the first phase of the Port Arthur project. Per the terms of the deal, COP will handle the natural gas supply requirements for Phase 1 of the proposed liquefaction facility.Port Arthur LNG Phase 1 will involve two liquefaction trains, LNG storage tanks and associated facilities. The project is expected to produce up to 13.5 million tons per annum of LNG, with the Phase 2 project currently under development.Sempra Energy is advancing the global energy transition through electrification and decarbonization in the markets it serves, including California, Texas, Mexico and the LNG export market. The company will likely make a final investment decision for the project’s first phase in early 2023.Last month, Sempra Energy finalized an engineering, procurement and construction contract with Bechtel Energy for Phase 1. Per the contract, Bechtel will execute the detailed engineering, procurement, construction, commissioning, start-up, performance testing and operator training activities.Oil and gas producers aim to drive domestic LNG supply and exports as western sanctions on Russia have hindered an already undersupplied market and put U.S. gas prices into a higher gear. ConocoPhillips’ participation in the Port Arthur project will provide a reliable supply of natural gas and enhance its portfolio.Price PerformanceShares of COP have outperformed the industry in the past six months. The stock has gained 18.7% against the industry’s 1.9% decline.Image Source: Zacks Investment ResearchZacks Rank & Stocks to ConsiderConocoPhillips currently carries a Zack Rank #3 (Hold).Investors interested in the energy sector might look at the following stocks that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Marathon Petroleum Corporation MPC reported third-quarter 2022 adjusted earnings per share of $7.81, beating the Zacks Consensus Estimate of $6.80. The bottom line was spurred by the stronger-than-expected performance of its Refining & Marketing segment.Marathon Petroleum is expected to see an earnings surge of 944% in 2022. In October, Marathon Petroleum completed its target to buy back $15 billion in common stock. MPC has a remaining authorization of $5 billion with no expiration date.Cactus, Inc. WHD reported third-quarter adjusted earnings of 52 cents per share, beating the Zacks Consensus Estimate of 49 cents. The strong quarterly results were primarily driven by higher sales of wellhead and production-related equipment, resulting from improved U.S. drilling activities.Cactus is expected to see an earnings surge of 944% in 2022. At the third-quarter end, WHD had cash and cash equivalents of $320.6 million. It had no bank debt outstanding as of Sept 30, 2022. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report Sempra Energy (SRE): Free Stock Analysis Report Marathon Petroleum Corporation (MPC): Free Stock Analysis Report Cactus, Inc. (WHD): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research