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Shell (SHEL) Resumes Forcados Crude Exports After a Month
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Shell plc (SHEL - Free Report) announced earlier this week that exports of Nigeria's Forcados grade of crude oil have resumed, about a month after loadings of the medium sweet grade were halted due to a probable leak at the export terminal.
According to sources cited by Reuters, the grade's exports, which were expected to transport 220,000 barrels per day (bpd) in July, were suspended in the evening of Jul 12, when workers noticed fumes close to a single buoy mooring where oil was being loaded onto a vessel. A single buoy mooring serves as a floating loading facility that allows large tankers to moor offshore to discharge cargoes.
Shell acknowledged that injections into the terminal had been reduced as a result of the report, even though no force majeure was signaled. A joint investigation between company, community representatives and government agencies will ascertain the reason for the suspension, per media reports.
Nigeria became the second-largest contributor to the decline in OPEC crude oil output in July as a result of the suspension of Forcados loadings, according to a Reuters survey.
Zacks Rank & Key Picks
Shell is a group of U.S. and Europe-based big energy multinationals with operations across the world. Currently, Shell carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy space are CVR Energy Inc. (CVI - Free Report) , Evolution Petroleum Corporation (EPM - Free Report) and Crestwood Equity Partners LP . While CVI sports a Zacks Rank #1 (Strong Buy), both EPM and CEQP carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy is an independent refiner and marketer of high value transportation fuels. Headquartered in Sugar Land, TX, CVI has 1,470 employees. It is also engaged in nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
Headquartered in Houston, TX, Crestwood is a master limited partnership that provides a wide range of fee-based infrastructure solutions in major U.S. shale plays like the Bakken Shale, Delaware Basin, Powder River Basin, Marcellus Shale and others. The company is least exposed to commodity price fluctuations since it generates stable fee-based revenues from diverse midstream energy assets via long-term contracts.
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Shell (SHEL) Resumes Forcados Crude Exports After a Month
Shell plc (SHEL - Free Report) announced earlier this week that exports of Nigeria's Forcados grade of crude oil have resumed, about a month after loadings of the medium sweet grade were halted due to a probable leak at the export terminal.
According to sources cited by Reuters, the grade's exports, which were expected to transport 220,000 barrels per day (bpd) in July, were suspended in the evening of Jul 12, when workers noticed fumes close to a single buoy mooring where oil was being loaded onto a vessel. A single buoy mooring serves as a floating loading facility that allows large tankers to moor offshore to discharge cargoes.
Shell acknowledged that injections into the terminal had been reduced as a result of the report, even though no force majeure was signaled. A joint investigation between company, community representatives and government agencies will ascertain the reason for the suspension, per media reports.
Nigeria became the second-largest contributor to the decline in OPEC crude oil output in July as a result of the suspension of Forcados loadings, according to a Reuters survey.
Zacks Rank & Key Picks
Shell is a group of U.S. and Europe-based big energy multinationals with operations across the world. Currently, Shell carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy space are CVR Energy Inc. (CVI - Free Report) , Evolution Petroleum Corporation (EPM - Free Report) and Crestwood Equity Partners LP . While CVI sports a Zacks Rank #1 (Strong Buy), both EPM and CEQP carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy is an independent refiner and marketer of high value transportation fuels. Headquartered in Sugar Land, TX, CVI has 1,470 employees. It is also engaged in nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
Headquartered in Houston, TX, Crestwood is a master limited partnership that provides a wide range of fee-based infrastructure solutions in major U.S. shale plays like the Bakken Shale, Delaware Basin, Powder River Basin, Marcellus Shale and others. The company is least exposed to commodity price fluctuations since it generates stable fee-based revenues from diverse midstream energy assets via long-term contracts.