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Equinor (EQNR) Discovers New Gas in Norway's Gina Krog Field
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Equinor ASA (EQNR - Free Report) identified a commercially feasible gas discovery near the Gina Krog oil and gas field in the Norwegian North Sea.
The well, drilled using the Noble Lloyd Noble rig, is anticipated to commence production in the fourth quarter of 2023.
According to preliminary estimates, the discovery holds recoverable volumes of 5-16 million barrels of oil equivalent. Equinor operates the Gina Krog field with a 58.7% interest.
The latest discovery will contribute to extending the operational life and enhancing the profitability of Gina Krog, playing a crucial role in the overall development of the Sleipner area. Additionally, it will supply new gas to Europe, ensuring favorable profitability and minimal CO2 emissions during production.
The fact that Gina Krog is already electrified and has available capacity underscores the significance of exploring mature areas on the Norwegian Continental Shelf. It highlights the importance of leveraging existing infrastructure to maximize efficiency and productivity in oil and gas exploration.
Marking the first commercial discovery in the Gina Krog license since 2011, the latest finding, although considered small, holds significance due to its strategic location and its potential influence on the region’s energy supply.
Equinor clarifies that the discovery is deemed commercially viable, primarily attributed to its ability to leverage the existing infrastructure at the Gina Krog platform. With the intention of commencing production in the fourth quarter of 2023, preparations have been underway at Gina Krog to facilitate the swift initiation of production from the newly discovered well.
Hydrocarbon discoveries constitute a substantial revenue stream for Equinor. Each discovery contributes to the expansion of the company's asset portfolio, bolstering its overall value. Equinor is actively engaged in the pursuit of new hydrocarbon reserves.
Oceaneering International, Inc. (OII - Free Report) reported third-quarter 2023 adjusted earnings of 38 cents per share, which beat the Zacks Consensus Estimate of 27 cents. OII’s outperformance was largely due to the robust results in certain segments.
For the fourth quarter of 2023, OII anticipates a decline in EBITDA on relatively flat revenues from that reported in the third quarter.
PBF Energy Inc. (PBF - Free Report) reported third-quarter 2023 earnings of $6.61 per share, beating the Zacks Consensus Estimate of earnings of $4.86. Better-than-expected quarterly results were primarily driven by lower costs and expenses.
Compared to composite stocks belonging to the industry, the leading upstream energy company’s debt-to-capitalization ratio has been consistently lower over the past few years. The company boasts a robust liquidity position, with a cash balance of $1.9 billion, more than sufficient to cover its long-term debt of $1.2 billion. This underscores the company’s strong financial liquidity.
Matador Resources Company (MTDR - Free Report) reported third-quarter 2023 adjusted earnings of $1.86 per share, which beat the Zacks Consensus Estimate of $1.59. MTDR’s milestone led to better-than-expected third-quarter results, with the highest-ever total production averaging more than 135,000 barrels of oil and natural gas equivalent per day.
For the fourth quarter of 2023, Matador expects an average daily oil equivalent production of 145,000 BOE. The recent guidance indicates a 2% upward revision from the prior mentioned 143,000 BOE/D.
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Equinor (EQNR) Discovers New Gas in Norway's Gina Krog Field
Equinor ASA (EQNR - Free Report) identified a commercially feasible gas discovery near the Gina Krog oil and gas field in the Norwegian North Sea.
The well, drilled using the Noble Lloyd Noble rig, is anticipated to commence production in the fourth quarter of 2023.
According to preliminary estimates, the discovery holds recoverable volumes of 5-16 million barrels of oil equivalent. Equinor operates the Gina Krog field with a 58.7% interest.
The latest discovery will contribute to extending the operational life and enhancing the profitability of Gina Krog, playing a crucial role in the overall development of the Sleipner area. Additionally, it will supply new gas to Europe, ensuring favorable profitability and minimal CO2 emissions during production.
The fact that Gina Krog is already electrified and has available capacity underscores the significance of exploring mature areas on the Norwegian Continental Shelf. It highlights the importance of leveraging existing infrastructure to maximize efficiency and productivity in oil and gas exploration.
Marking the first commercial discovery in the Gina Krog license since 2011, the latest finding, although considered small, holds significance due to its strategic location and its potential influence on the region’s energy supply.
Equinor clarifies that the discovery is deemed commercially viable, primarily attributed to its ability to leverage the existing infrastructure at the Gina Krog platform. With the intention of commencing production in the fourth quarter of 2023, preparations have been underway at Gina Krog to facilitate the swift initiation of production from the newly discovered well.
Hydrocarbon discoveries constitute a substantial revenue stream for Equinor. Each discovery contributes to the expansion of the company's asset portfolio, bolstering its overall value. Equinor is actively engaged in the pursuit of new hydrocarbon reserves.
Zacks Rank & Stocks to Consider
Equinor 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) reported third-quarter 2023 adjusted earnings of 38 cents per share, which beat the Zacks Consensus Estimate of 27 cents. OII’s outperformance was largely due to the robust results in certain segments.
For the fourth quarter of 2023, OII anticipates a decline in EBITDA on relatively flat revenues from that reported in the third quarter.
PBF Energy Inc. (PBF - Free Report) reported third-quarter 2023 earnings of $6.61 per share, beating the Zacks Consensus Estimate of earnings of $4.86. Better-than-expected quarterly results were primarily driven by lower costs and expenses.
Compared to composite stocks belonging to the industry, the leading upstream energy company’s debt-to-capitalization ratio has been consistently lower over the past few years. The company boasts a robust liquidity position, with a cash balance of $1.9 billion, more than sufficient to cover its long-term debt of $1.2 billion. This underscores the company’s strong financial liquidity.
Matador Resources Company (MTDR - Free Report) reported third-quarter 2023 adjusted earnings of $1.86 per share, which beat the Zacks Consensus Estimate of $1.59. MTDR’s milestone led to better-than-expected third-quarter results, with the highest-ever total production averaging more than 135,000 barrels of oil and natural gas equivalent per day.
For the fourth quarter of 2023, Matador expects an average daily oil equivalent production of 145,000 BOE. The recent guidance indicates a 2% upward revision from the prior mentioned 143,000 BOE/D.