We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Eni (E) Makes Gas Discovery at Lupa Well in Barents Sea
Read MoreHide Full Article
Eni SpA (E - Free Report) , through its subsidiary, Vaar Energi, made a natural gas discovery in the 7122/9-1 T2 Lupa well near the Goliat field in the Barents Sea.
This is the largest discovery on the Norwegian Continental Shelf this year and bolsters the company’s expansion strategies in the area. Lupa is the first exploration well to be drilled in the production license 229E.
Located 27 kilometers northeast of the Goliat field, the well was drilled in a water depth of 403 meters using the Transocean Enablers drilling rig. The well encountered a 55-meter gas column in the targeted sandstones of the Havert formation of the Triassic age. Extensive data acquisition and sampling have been performed.
According to preliminary estimates, the discovery holds 9-21 billion cubic meters of recoverable gas or 57-132 million barrels of oil equivalent. The find is expected to contribute to the future gas supply from the Barents Sea. Eni will consider tying back the discovery to existing infrastructure on the Goliat field later.
The latest discovery strengthens Eni’s position in the north and could be a step toward achieving additional gas infrastructure in the Barents Sea. As part of Eni’s successful drive to increase the supply of gas to Europe, the gas find has the potential to uncover further possibilities in the region.
Var Energi is a leading independent upstream oil and gas company on the Norwegian Continental Shelf. The company holds a 50% stake in the production license 229E. It has a strong and diversified asset portfolio with existing development projects and a strong exploration history.
Price Performance
Shares of Eni have outperformed the industry in the past three months. The stock has gained 36.4% compared with the industry’s 21.2% growth.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. OII’s third-quarter 2022 adjusted profit of 23 cents per share beat the Zacks Consensus Estimate of 13 cents.
OII is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA of $215-$240 million and continued significant free cash flow generation of $25-$75 million.
Helmerich & Payne Inc. (HP - Free Report) is a major land and offshore drilling contractor in the western hemisphere, having the youngest and most efficient drilling fleet. HP’s fiscal third-quarter 2022 adjusted profit of 27 cents per share beat the Zacks Consensus Estimate of 5 cents.
Helmerich & Payne is expected to see an earnings surge of 277.8% in 2022. HP boasts a strong balance sheet, carrying $542.3 million in long-term debt. The company’s debt-to-capitalization stands at just 16.6% compared with many of its peers that are hugely burdened with debts.
Patterson-UTI Energy (PTEN - Free Report) is one of the largest North America land drilling contractors, having a large, high-quality fleet of drilling rigs. PTEN’s third-quarter 2022 adjusted net profit of 28 cents per share beat the Zacks Consensus Estimate of 19 cents.
Patterson-UTI is expected to see an earnings surge of 128% in 2022. PTEN doubled its quarterly cash dividend to 8 cents per share from the previous 4-cent payout. PTEN also increased its share repurchase authorization to $300 million.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Eni (E) Makes Gas Discovery at Lupa Well in Barents Sea
Eni SpA (E - Free Report) , through its subsidiary, Vaar Energi, made a natural gas discovery in the 7122/9-1 T2 Lupa well near the Goliat field in the Barents Sea.
This is the largest discovery on the Norwegian Continental Shelf this year and bolsters the company’s expansion strategies in the area. Lupa is the first exploration well to be drilled in the production license 229E.
Located 27 kilometers northeast of the Goliat field, the well was drilled in a water depth of 403 meters using the Transocean Enablers drilling rig. The well encountered a 55-meter gas column in the targeted sandstones of the Havert formation of the Triassic age. Extensive data acquisition and sampling have been performed.
According to preliminary estimates, the discovery holds 9-21 billion cubic meters of recoverable gas or 57-132 million barrels of oil equivalent. The find is expected to contribute to the future gas supply from the Barents Sea. Eni will consider tying back the discovery to existing infrastructure on the Goliat field later.
The latest discovery strengthens Eni’s position in the north and could be a step toward achieving additional gas infrastructure in the Barents Sea. As part of Eni’s successful drive to increase the supply of gas to Europe, the gas find has the potential to uncover further possibilities in the region.
Var Energi is a leading independent upstream oil and gas company on the Norwegian Continental Shelf. The company holds a 50% stake in the production license 229E. It has a strong and diversified asset portfolio with existing development projects and a strong exploration history.
Price Performance
Shares of Eni have outperformed the industry in the past three months. The stock has gained 36.4% compared with the industry’s 21.2% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. OII’s third-quarter 2022 adjusted profit of 23 cents per share beat the Zacks Consensus Estimate of 13 cents.
OII is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA of $215-$240 million and continued significant free cash flow generation of $25-$75 million.
Helmerich & Payne Inc. (HP - Free Report) is a major land and offshore drilling contractor in the western hemisphere, having the youngest and most efficient drilling fleet. HP’s fiscal third-quarter 2022 adjusted profit of 27 cents per share beat the Zacks Consensus Estimate of 5 cents.
Helmerich & Payne is expected to see an earnings surge of 277.8% in 2022. HP boasts a strong balance sheet, carrying $542.3 million in long-term debt. The company’s debt-to-capitalization stands at just 16.6% compared with many of its peers that are hugely burdened with debts.
Patterson-UTI Energy (PTEN - Free Report) is one of the largest North America land drilling contractors, having a large, high-quality fleet of drilling rigs. PTEN’s third-quarter 2022 adjusted net profit of 28 cents per share beat the Zacks Consensus Estimate of 19 cents.
Patterson-UTI is expected to see an earnings surge of 128% in 2022. PTEN doubled its quarterly cash dividend to 8 cents per share from the previous 4-cent payout. PTEN also increased its share repurchase authorization to $300 million.