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Equinor Contracts Newbuilt Shuttle Tanker for Roncador Field
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Equinor ASA (EQNR - Free Report) inked time charter contracts with the shipowner, Knutsen NYK Offshore Tankers AS (Knutsen), related to two newly-built shuttle tankers.
The shuttle tankers will be used to lift and carry the crude oil production from the newly-acquired 25% interest in the Roncador oil field in Brazil. The tankers will be constructed at Hyundai Heavy Industries in South Korea.
Equinor’s interest in Roncador, the third largest producing field in Brazil, has augmented its equity production by around 150% to almost 100,000 barrels of oil equivalent (boe) per day in Brazil, up from around 40,000 boe per day. The shuttle tankers provide a consistent and robust solution for the transportation of equity oil production to worldwide customers.
The vessels, equipped to operate in Brazilian waters, are optimized for proposed trading pattern and meet all requirements for offshore loading. The vessels will commence operations in 2020. Apart from the new shipping capacity for the Roncador production, the company has seven conventional tankers on long-term contracts for the Peregrino field.
Equinor’s focus on improving resources recovery in mature fields bodes well. The company operates in all major hydrocarbon-producing regions of the world, emphasizing on the Norwegian Continental Shelf (“NCS”). We believe that Equinor is well positioned to sustain steady production growth in the upcoming years, courtesy of large resource base at NCS.
Price Performance
In the past year, Equinor’s shares have surged 40.6% compared with the industry’s 25.5% rally.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Shell Midstream Partners is involved in owning, operating, developing and acquiring pipelines and other midstream assets. The partnership delivered an average positive earnings surprise of 7.9% in the trailing four quarters.
CNX Resources is an independent oil and gas exploration and production company. The company delivered a positive earnings surprise of 250.0% in the preceding quarter.
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It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Equinor Contracts Newbuilt Shuttle Tanker for Roncador Field
Equinor ASA (EQNR - Free Report) inked time charter contracts with the shipowner, Knutsen NYK Offshore Tankers AS (Knutsen), related to two newly-built shuttle tankers.
The shuttle tankers will be used to lift and carry the crude oil production from the newly-acquired 25% interest in the Roncador oil field in Brazil. The tankers will be constructed at Hyundai Heavy Industries in South Korea.
Equinor’s interest in Roncador, the third largest producing field in Brazil, has augmented its equity production by around 150% to almost 100,000 barrels of oil equivalent (boe) per day in Brazil, up from around 40,000 boe per day. The shuttle tankers provide a consistent and robust solution for the transportation of equity oil production to worldwide customers.
The vessels, equipped to operate in Brazilian waters, are optimized for proposed trading pattern and meet all requirements for offshore loading. The vessels will commence operations in 2020. Apart from the new shipping capacity for the Roncador production, the company has seven conventional tankers on long-term contracts for the Peregrino field.
Equinor’s focus on improving resources recovery in mature fields bodes well. The company operates in all major hydrocarbon-producing regions of the world, emphasizing on the Norwegian Continental Shelf (“NCS”). We believe that Equinor is well positioned to sustain steady production growth in the upcoming years, courtesy of large resource base at NCS.
Price Performance
In the past year, Equinor’s shares have surged 40.6% compared with the industry’s 25.5% rally.
Zacks Rank & Stocks to Consider
Equinor currently carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Petroleo Brasileiro S.A. (PBR - Free Report) or Petrobras SA, Shell Midstream Partners, L.P and CNX Resources Corporation (CNX - Free Report) . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Shell Midstream Partners is involved in owning, operating, developing and acquiring pipelines and other midstream assets. The partnership delivered an average positive earnings surprise of 7.9% in the trailing four quarters.
CNX Resources is an independent oil and gas exploration and production company. The company delivered a positive earnings surprise of 250.0% in the preceding quarter.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>