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Equinor (EQNR) to Explore Wind Projects Offshore South Korea
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Equinor ASA (EQNR - Free Report) has entered into a memorandum of understanding (MoU) with Korea-based utility, Korea Southern Power (“KOSPO”), to investigate potential collaboration on wind initiatives offshore South Korea.
Per the MoU, the companies will examine the possibility of establishing offshore wind farms near Chuja Island, aiming to contribute to Korea’s goal of enhancing its renewable energy portfolio by 20% by 2030 and achieving net-zero targets by 2050.
The collaboration will involve a mutual exchange of knowledge and experience in the construction and operational management of offshore wind power between the two companies.
The partnership represents a noteworthy stride in achieving Equinor’s collective vision for a sustainable energy future. The initiative showcases the potential achievements arising from collaborative efforts in combining expertise, technology and commitment, aiming to realize a more sustainable energy mix for Korea.
The MOU with EQNR will significantly support the expansion of KOSPO’s renewable energy business. It serves as a cornerstone for KOSPO’s shift toward a low-carbon power generation system and positions the company to take a leading role in the future energy industry.
In recent years, Korea has deepened its engagement with European entities. In January 2022, KOSPO entered into an MOU with Danish renewables developer Orsted for the collaborative construction of an 800-MW offshore wind farm. This project is slated to be a key component of a significant 1.6GW offshore cluster.
Speaking about Equinor’s other activities in Korea, the company recently entered into two agreements with Korean companies, one pertaining to the 750-MW Ulsan Firefly floating offshore wind farm and the other concerning the up to 1.5-GW Hoopoong and Chujin wind projects, situated around 10-40 kilometers east and west of Chuja Island.
Liberty Energy (LBRT - Free Report) offers hydraulic fracturing services to onshore upstream energy companies across multiple basins in North America.
Liberty’s board of directors announced a cash dividend of 7 cents per common share, payable on 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.
Murphy USA’s (MUSA - Free Report) unique high-volume low-cost business model helps it retain high profitability even in the fiercely competitive retail environment.
MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. As part of this initiative, the fuel retailer recently approved a repurchase authorization of up to $1.5 billion following the completion of the existing $1 billion mandate. The move underscores MUSA’s sound financial position and commitment to reward its shareholders.
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VNOM maintains a lower debt-to-capital ratio compared with its industry peers. This indicates a healthier financial position and reduced financial risk, which can be an attractive factor for potential investors.
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Equinor (EQNR) to Explore Wind Projects Offshore South Korea
Equinor ASA (EQNR - Free Report) has entered into a memorandum of understanding (MoU) with Korea-based utility, Korea Southern Power (“KOSPO”), to investigate potential collaboration on wind initiatives offshore South Korea.
Per the MoU, the companies will examine the possibility of establishing offshore wind farms near Chuja Island, aiming to contribute to Korea’s goal of enhancing its renewable energy portfolio by 20% by 2030 and achieving net-zero targets by 2050.
The collaboration will involve a mutual exchange of knowledge and experience in the construction and operational management of offshore wind power between the two companies.
The partnership represents a noteworthy stride in achieving Equinor’s collective vision for a sustainable energy future. The initiative showcases the potential achievements arising from collaborative efforts in combining expertise, technology and commitment, aiming to realize a more sustainable energy mix for Korea.
The MOU with EQNR will significantly support the expansion of KOSPO’s renewable energy business. It serves as a cornerstone for KOSPO’s shift toward a low-carbon power generation system and positions the company to take a leading role in the future energy industry.
In recent years, Korea has deepened its engagement with European entities. In January 2022, KOSPO entered into an MOU with Danish renewables developer Orsted for the collaborative construction of an 800-MW offshore wind farm. This project is slated to be a key component of a significant 1.6GW offshore cluster.
Speaking about Equinor’s other activities in Korea, the company recently entered into two agreements with Korean companies, one pertaining to the 750-MW Ulsan Firefly floating offshore wind farm and the other concerning the up to 1.5-GW Hoopoong and Chujin wind projects, situated around 10-40 kilometers east and west of Chuja Island.
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 carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Liberty Energy (LBRT - Free Report) offers hydraulic fracturing services to onshore upstream energy companies across multiple basins in North America.
Liberty’s board of directors announced a cash dividend of 7 cents per common share, payable on 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.
Murphy USA’s (MUSA - Free Report) unique high-volume low-cost business model helps it retain high profitability even in the fiercely competitive retail environment.
MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. As part of this initiative, the fuel retailer recently approved a repurchase authorization of up to $1.5 billion following the completion of the existing $1 billion mandate. The move underscores MUSA’s sound financial position and commitment to reward its shareholders.
Viper Energy, Inc. (VNOM - Free Report) is a variable distribution MLP based in Midland, TX. It generates strong and steady royalty income from mineral interests in Eagle Ford and Permian Basin. The business strategies of the partnership include acquiring mineral interests from third parties and the parent company.
VNOM maintains a lower debt-to-capital ratio compared with its industry peers. This indicates a healthier financial position and reduced financial risk, which can be an attractive factor for potential investors.