ION Geophysical Corporation ( IO Quick Quote IO - Free Report) announced that the supermajor for which the company commercially deployed its Gemini extended frequency source (“EFS”) technology decided to extend the successful commissioning of the technology.
The Gemini extended technology satisfies the growing industry demand for increased geophysical fidelity in complicated geological structures and simultaneously delivers both improved operational and environmental performances.
Several exploration and production investment areas are in the middle of some of the highly complex geological settings in the world, which require detailed imaging for the effective depiction and extraction of resources. Therefore, Gemini, with the help of modern acquisition methods, provides improved and ecologically safe data quality to strengthen the crucial decision-making of clients in these areas.
Gemini offers a large source spectrum, which is significantly richer in low frequencies and has lower environmental impacts. Notably, this is due to the fact that lower frequencies are capable of penetrating rough or high contrast boundaries more effectually, leading to an improved signal-to-noise ratio in the data, enabling us to see clearly. Thus, Gemini is capable of generating <4Hz frequencies needed to image in complex geological structures, where penetration of low frequencies is crucial.
The extension is expected to increase the time and area of the original commercial program by nearly twice. Moreover, it will verify the commercial readiness, data quality, and operating and environmental benefits of the innovative source technology.
Importantly, the technology has shown improved functionality and has expanded its market scope since its development. It reflects Gemini’s value to help energy companies optimize their exploration and development decisions for more potential prospects in their portfolios. Notably, in response to strong industry demand, ION plans to quadruple the Gemini capacity for programs this summer.
Company Profile & Price Performance
Headquartered in Houston, ION Geophysical is a leading provider of geophysical technology, services and solutions for the global oil & gas industry.
Shares of the company have underperformed the
industry in the past six months. The stock has gained 43.9% compared with the industry’s 56.4% growth.
Zacks Rank & Stocks to Consider
ION Geophysical currently has a Zack Rank #4 (Sell).
Some better-ranked players in the energy space are
ConocoPhillips ( COP Quick Quote COP - Free Report) , Repsol SA ( REPYY Quick Quote REPYY - Free Report) and Diamondback Energy, Inc. ( FANG Quick Quote FANG - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here .
ConocoPhillips’ earnings for 2021 are expected to rise 10.1% year over year.
Repsol’s earnings for 2021 are expected to increase 18.1% year over year.
Diamondback’s earnings for 2021 are expected to rise 20.2% year over year.
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