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Why Chevron (CVX) Signed MOU With Iraq's Basra Oil Company?
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Chevron Corporation (CVX - Free Report) recently signed a memorandum of understanding (MOU) with Iraq’s state-run Basra Oil Company to develop oil sites and other projects in the country. The agreement, announced by the Iraqi oil ministry, enables Chevron to conduct surveys on oilfields in the southern part of the country.
Following the surveys, an energy company will be built to execute field development and create an oil refinery. Energy giant Chevron already has its presence in the Kurdistan Region, located in the northeastern part of the country. It owns 80% operating interest in the Sarta Block, covering 90,000 net acres. The company used its “automated managed pressure drilling equipment and a new generation logging-while-drilling formation testing tool” for drilling the exploration well in the block.
The recent deal with Basra Oil Company will increase its presence in oil-rich Iraq and provide it with the opportunity to utilize its state-of-the-art technology in the country’s oilfields. The agreement also involves surveying of the reservoirs and operations related to oil extraction.
The deal is expected to help Iraq — which has 8.8% of the global reserves — to ramp up production and oil revenues, without assuming any financial obligations.
Price Performance
San Ramon, CA-based Chevron has gained 11.4% over the past year compared with 13.4% growth of its industry.
Zacks Rank and Stocks to Consider
Currently, Chevron carries a Zacks Rank #3 (Hold). Investors interested in the Energy sector can opt for some better-ranked stocks like McDermott International, Inc. , Subsea 7 S.A. (SUBCY - Free Report) and Canadian Natural Resources Limited (CNQ - Free Report) . While McDermott and Subsea sport a Zacks Rank #1 (Strong Buy), Canadian Natural carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based McDermott is an equipment provider for energy companies. The company’s top line for 2018 is likely to improve 145% year over year. In the last four reported quarters, the company delivered an average positive earnings surprise of 101.7%.
Luxembourg-based Subsea is an oilfield service providing company. In the last four reported quarters, the company delivered an average positive earnings surprise of 318.6%.
Calgary, Canada-based Canadian Natural Resources is an upstream energy company. The company’s top line for 2018 is anticipated to improve 41.3% year over year, while its bottom line is expected to increase more than 200%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Why Chevron (CVX) Signed MOU With Iraq's Basra Oil Company?
Chevron Corporation (CVX - Free Report) recently signed a memorandum of understanding (MOU) with Iraq’s state-run Basra Oil Company to develop oil sites and other projects in the country. The agreement, announced by the Iraqi oil ministry, enables Chevron to conduct surveys on oilfields in the southern part of the country.
Following the surveys, an energy company will be built to execute field development and create an oil refinery. Energy giant Chevron already has its presence in the Kurdistan Region, located in the northeastern part of the country. It owns 80% operating interest in the Sarta Block, covering 90,000 net acres. The company used its “automated managed pressure drilling equipment and a new generation logging-while-drilling formation testing tool” for drilling the exploration well in the block.
The recent deal with Basra Oil Company will increase its presence in oil-rich Iraq and provide it with the opportunity to utilize its state-of-the-art technology in the country’s oilfields. The agreement also involves surveying of the reservoirs and operations related to oil extraction.
The deal is expected to help Iraq — which has 8.8% of the global reserves — to ramp up production and oil revenues, without assuming any financial obligations.
Price Performance
San Ramon, CA-based Chevron has gained 11.4% over the past year compared with 13.4% growth of its industry.
Zacks Rank and Stocks to Consider
Currently, Chevron carries a Zacks Rank #3 (Hold). Investors interested in the Energy sector can opt for some better-ranked stocks like McDermott International, Inc. , Subsea 7 S.A. (SUBCY - Free Report) and Canadian Natural Resources Limited (CNQ - Free Report) . While McDermott and Subsea sport a Zacks Rank #1 (Strong Buy), Canadian Natural carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based McDermott is an equipment provider for energy companies. The company’s top line for 2018 is likely to improve 145% year over year. In the last four reported quarters, the company delivered an average positive earnings surprise of 101.7%.
Luxembourg-based Subsea is an oilfield service providing company. In the last four reported quarters, the company delivered an average positive earnings surprise of 318.6%.
Calgary, Canada-based Canadian Natural Resources is an upstream energy company. The company’s top line for 2018 is anticipated to improve 41.3% year over year, while its bottom line is expected to increase more than 200%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>