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BP Finds No Hydrocarbon at Ironbark-1 Offshore Australia
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BP plc (BP - Free Report) has witnessed disappointing results from Ironbark-1 exploration well, located offshore Western Australia. The company found no hydrocarbon at the site, which was expected to be a prolific prospect. Drilling commenced on Oct 31.
The Ironbark-1 well was drilled at 5618 meters, almost 170 kilometers off the coast of Karratha. BP and its partners in the deep-sea prospect viewed it as a potential supplier to the North West Shelf liquefied natural gas facility. The well is now expected to be plugged and abandoned.
BP is the operator at the prospect with a 42.5% interest. It has Cue Energy, Beach Energy and New Zealand Oil & Gas as partners, with 21.5%, 21% and 15% stake, respectively.
While the disappointing results from the exploration well might affect the companies involved, BP has a strong portfolio of upstream projects, which will back production growth. Since 2016, BP has placed 23 key upstream projects online. Importantly, despite the coronavirus pandemic, it has been progressing with key upstream projects, although the progress is decelerating. In fact, of 900 thousand barrels of oil equivalent per day (MBoe/d) of planned major developments, the company has successfully placed 700 MBoe/d of key projects online.
Even though oil operations are expected to increase, the company intends to boost low-carbon spending to $5 billion per annum by 2030. Within this time period, it plans to reduce emissions from operations by 30-35%. It also intends to enhance renewable power generation capacity to 50 gigawatts and reduce the weight of hydrocarbons from the portfolio by 40% from 2019 levels.
Price Performance
BP’s shares have fallen 10% in the past six months against 2% rise of the industry it belongs to.
Covanta Holding’s bottom line for 2021 is expected to rise 93% year over year.
Ameresco’s bottom line for 2020 is expected to rise 21.7% year over year.
Ring Energy’s sales for 2021 are expected to rise 2.5% year over year.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
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BP Finds No Hydrocarbon at Ironbark-1 Offshore Australia
BP plc (BP - Free Report) has witnessed disappointing results from Ironbark-1 exploration well, located offshore Western Australia. The company found no hydrocarbon at the site, which was expected to be a prolific prospect. Drilling commenced on Oct 31.
The Ironbark-1 well was drilled at 5618 meters, almost 170 kilometers off the coast of Karratha. BP and its partners in the deep-sea prospect viewed it as a potential supplier to the North West Shelf liquefied natural gas facility. The well is now expected to be plugged and abandoned.
BP is the operator at the prospect with a 42.5% interest. It has Cue Energy, Beach Energy and New Zealand Oil & Gas as partners, with 21.5%, 21% and 15% stake, respectively.
While the disappointing results from the exploration well might affect the companies involved, BP has a strong portfolio of upstream projects, which will back production growth. Since 2016, BP has placed 23 key upstream projects online. Importantly, despite the coronavirus pandemic, it has been progressing with key upstream projects, although the progress is decelerating. In fact, of 900 thousand barrels of oil equivalent per day (MBoe/d) of planned major developments, the company has successfully placed 700 MBoe/d of key projects online.
Even though oil operations are expected to increase, the company intends to boost low-carbon spending to $5 billion per annum by 2030. Within this time period, it plans to reduce emissions from operations by 30-35%. It also intends to enhance renewable power generation capacity to 50 gigawatts and reduce the weight of hydrocarbons from the portfolio by 40% from 2019 levels.
Price Performance
BP’s shares have fallen 10% in the past six months against 2% rise of the industry it belongs to.
Zacks Rank & Stocks to Consider
BP currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include Covanta Holding Corporation , Ameresco, Inc. (AMRC - Free Report) and Ring Energy, Inc. (REI - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Covanta Holding’s bottom line for 2021 is expected to rise 93% year over year.
Ameresco’s bottom line for 2020 is expected to rise 21.7% year over year.
Ring Energy’s sales for 2021 are expected to rise 2.5% year over year.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>