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Equinor (EQNR) Awards Well-Testing Services Contract to Expro
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Equinor ASA (EQNR - Free Report) has awarded a four-year agreement to Expro Group Holdings (XPRO) to provide well-testing services at its facilities in Norway, spanning the Barents, Norwegian and North Seas.
Expro will deploy its multi-disciplined local team in Stavanger to oversee the program, with additional support from its Fluids center located in Haugesund.
As part of the agreement, Expro will utilize its CoilHoseTM LWCS technology, designed for effective flow management across different phases of the well lifecycle, ranging from completion to abandonment.
The technology aligns with the companies’ goals to optimize production and adhere to environmental standards, with a specific focus on reducing emissions. A major portion of the contract is directly tied to a tangible commitment to a low-carbon plan, enabling Expro to integrate its environmental capabilities with Equinor.
The contract includes options for three two-year extensions and encompasses the provision of services for well flow management and production optimization. These services are designed to support Equinor’s completion, intervention, production and abandonment operations.
Established in 1938, Expro has grown its global presence to cover around 60 countries, boasting a workforce of approximately 8,000 employees. The company offers a wide range of well-lifecycle solutions, including services in construction and integrity management.
The collaboration with Equinor is anticipated to improve well integrity and intervention procedures, concurrently promoting the delivery of production optimization services in the Barents Sea, Norwegian Sea and North Sea regions.
The Williams Companies (WMB - Free Report) reported third-quarter 2023 adjusted earnings of 45 cents per share, which beat the Zacks Consensus Estimate of 40 cents. The guidance for the 2023 dividend increased 5.3% on an annualized basis to $1.79 per share from $1.70 in 2022.
Williams Companies' debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. Williams is also paying its shareholders an attractive dividend yielding around 5%. Besides, the company has a share repurchase program worth $1.5 billion, highlighting the commitment to shareholders.
Liberty Energy (LBRT - Free Report) reported third-quarter 2023 earnings of 85 cents per share, which beat the Zacks Consensus Estimate of earnings of 74 cents. The Denver, CO-based oil and gas equipment company’s outperformance reflects the impacts of strong execution and increased service pricing.
Liberty’s board of directors announced a cash dividend of seven cents per common share, payable Dec 20, 2023, to stockholders of record as of Dec 6, 2023. This dividend reflects a 40% rise from the previous quarter’s level. As part of its shareholder return policy, LBRT repurchased shares worth $29 million at an average price of $16.38 per share.
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 per share. MTDR’s milestone led to the 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) Awards Well-Testing Services Contract to Expro
Equinor ASA (EQNR - Free Report) has awarded a four-year agreement to Expro Group Holdings (XPRO) to provide well-testing services at its facilities in Norway, spanning the Barents, Norwegian and North Seas.
Expro will deploy its multi-disciplined local team in Stavanger to oversee the program, with additional support from its Fluids center located in Haugesund.
As part of the agreement, Expro will utilize its CoilHoseTM LWCS technology, designed for effective flow management across different phases of the well lifecycle, ranging from completion to abandonment.
The technology aligns with the companies’ goals to optimize production and adhere to environmental standards, with a specific focus on reducing emissions. A major portion of the contract is directly tied to a tangible commitment to a low-carbon plan, enabling Expro to integrate its environmental capabilities with Equinor.
The contract includes options for three two-year extensions and encompasses the provision of services for well flow management and production optimization. These services are designed to support Equinor’s completion, intervention, production and abandonment operations.
Established in 1938, Expro has grown its global presence to cover around 60 countries, boasting a workforce of approximately 8,000 employees. The company offers a wide range of well-lifecycle solutions, including services in construction and integrity management.
The collaboration with Equinor is anticipated to improve well integrity and intervention procedures, concurrently promoting the delivery of production optimization services in the Barents Sea, Norwegian Sea and North Sea regions.
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 sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Williams Companies (WMB - Free Report) reported third-quarter 2023 adjusted earnings of 45 cents per share, which beat the Zacks Consensus Estimate of 40 cents. The guidance for the 2023 dividend increased 5.3% on an annualized basis to $1.79 per share from $1.70 in 2022.
Williams Companies' debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. Williams is also paying its shareholders an attractive dividend yielding around 5%. Besides, the company has a share repurchase program worth $1.5 billion, highlighting the commitment to shareholders.
Liberty Energy (LBRT - Free Report) reported third-quarter 2023 earnings of 85 cents per share, which beat the Zacks Consensus Estimate of earnings of 74 cents. The Denver, CO-based oil and gas equipment company’s outperformance reflects the impacts of strong execution and increased service pricing.
Liberty’s board of directors announced a cash dividend of seven cents per common share, payable Dec 20, 2023, to stockholders of record as of Dec 6, 2023. This dividend reflects a 40% rise from the previous quarter’s level. As part of its shareholder return policy, LBRT repurchased shares worth $29 million at an average price of $16.38 per share.
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 per share. MTDR’s milestone led to the 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.