National Oilwell Varco, Inc. ( NOV Quick Quote NOV - Free Report) announced that it reached a partnership agreement with fellow oilfield service provider NexTier Oilfield Solutions Inc. ( NEX Quick Quote NEX - Free Report) to field-test its electric fracturing system referred to as the Ideal eFrac fleet.
The agreement allows both companies to explore the Ideal eFrac’s operating capacity on-site as well as under normal working terms and conditions. The electric fracturing system offers several effective and eco-friendly hydraulic fracturing techniques, which significantly reduce greenhouse gases, equipment and complications associated with the drilling site. In fact, NexTier has the opportunity to transform from the testing period to the first purchase of the unit developed by it.
Further, the collaboration provides optimization techniques for NexTier and its customers and contributes to reducing its environmental impacts. The application of National Oilwell’s technology and the utilization of natural gas to generate electricity for clean and effective operations bolster NexTier’s strong market position. Notably, the state-of-the-art technology has the ability to significantly reduce the risks associated with the adoption and implementation of the promising technology by future generations.
On its part, National Oilwell is aiming to upgrade its Ideal e-Frac technology with the help of the team at NexTier. The union marks the latest alliance to transform the oilfield services for long-term success to make cleaner, quieter and more efficient completions technologies that oil and gas manufacturers increasingly prefer.
Company Profile & Price Performance
Headquartered in Houston, TX, National Oilwell is a leading oil and gas mechanical and equipment company. The company’s shares have outperformed the
industry in the past six months. The stock has gained 9.9% compared with the industry’s 1.4% increase.
Zacks Rank & Stocks to Consider
National Oilwell currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space are
Highpoint Resource Corp. and DCP Midstream Partners ( DCP Quick Quote DCP - Free Report) , presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here .
Over the past 60 days, the Zacks Consensus Estimate for Highpoint Resource’s 2020 earnings has been raised by 17.2%.
DCP Midstream is expected to see earnings growth of 183.4% in 2021.
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