We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Equinor (EQNR) Announces Impact Assessment for Wisting Project
Read MoreHide Full Article
Equinor ASA (EQNR - Free Report) put forward an impact assessment for the development and operation of the Wisting project in Norway.
Wisting will be one of the largest oil development projects in Norway in the coming years. The field is situated in the Hoop area of the Barents Sea, about 190 miles from the Norway mainland. Equinor has been the operator of the Wisting development phase since 2019.
Equinor and its partners intend to finalize the plan for development and operation by 2022-end. The impact assessment to be issued for public consultation involves the development and the operation phase of the Wisting project.
The Wisting discovery is estimated to have 500 million barrels of oil equivalent. Production will likely begin in 2028, with an expected production period of 30 years. Equinor expects $6.7-$8.4 billion of investments for the project.
The Wisting development plan comprises a circular, floating production and storage unit (FPSO), with power from shore as a critical part of the technical solution. The oil will be processed and stored on the FPSO, and transported to the market.
The project partners intend to reduce the carbon footprint of production to the lowest possible level. There is insufficient gas in the reservoir to power the field throughout its planned life. Also, gas imports are technically demanding and expensive. Hence, electrification is a better alternative as it will have lower emissions during the production period. In the operational phase, the Wisting power demand will be around 80 megawatts.
The development and operation of the Wisting project will have favorable impacts on society locally, regionally and nationally. The development and the operational phase will help create significant value for the Norwegian society.
The impact assessment is an open process. It is intended to ensure that players have an opportunity to express opinions. Notably, the deadline for the consultation process is 12 weeks from the publication.
Company Profile & Price Performance
Headquartered in Stavanger, Norway, Equinor is one of the leading integrated energy companies in the world.
Shares of EQNR have outperformed the industry in the past six months. The stock has gained 44.3% compared with the industry’s 37.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Equinor currently sports a Zack Rank #1 (Strong Buy).
Kinder Morgan, Inc. (KMI - Free Report) is a leading midstream energy infrastructure provider in North America. KMI’s midstream properties are linked to all the prospective plays in the United States that are rich in natural gas. These extensive networks of natural gas pipelines provide Kinder Morgan with stable fee-based revenues.
With a strong focus on returning capital to shareholders, Kinder Morgan projects this year’s annual dividend at $1.11 per share. KMI also expects to repurchase up to $750 million of shares in 2022. Included in the financial projections is the generation of $7.2 billion of adjusted EBITDA, suggesting an improvement of 5% from the 2021 forecast.
APA Corporation (APA - Free Report) is one of the world's leading independent energy companies. It engages in the exploration, development and production of natural gas, crude oil and natural gas liquids. APA boasts a large geographically diversified reserve base, with multi-year trends in reserve replacement.
APA is expected to see an earnings growth of 59.1% in 2022. At its third-quarter earnings release, APA said that it is on track to generate around $2 billion in free cash flow for the full year, assuming the current strip prices for the remainder of 2021. This, together with the company’s aggressive cost management initiatives, should help in its debt reduction goal and achieve its leverage target of less than 1.5 times debt-to-EBITDA.
Centennial Resource Development, Inc. is an independent oil and gas exploration and production company. In 2020, CDEV’s net production was recorded at 67,161 barrels of oil equivalent per day, of which oil contributed 53.7%, and natural gas and natural gas liquids accounted for the rest.
Centennial Resource is expected to see an earnings growth of 98.4% in 2022. CDEV currently has a Zacks Style Score of A for Momentum and B for Growth. At the end of third-quarter 2021, cash and cash equivalents increased to $5 million from the second-quarter level of $4.7 million. Long-term net debt outstanding amounted to $1,004.9 million, down from $1,054.3 million at the end of the second quarter.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Equinor (EQNR) Announces Impact Assessment for Wisting Project
Equinor ASA (EQNR - Free Report) put forward an impact assessment for the development and operation of the Wisting project in Norway.
Wisting will be one of the largest oil development projects in Norway in the coming years. The field is situated in the Hoop area of the Barents Sea, about 190 miles from the Norway mainland. Equinor has been the operator of the Wisting development phase since 2019.
Equinor and its partners intend to finalize the plan for development and operation by 2022-end. The impact assessment to be issued for public consultation involves the development and the operation phase of the Wisting project.
The Wisting discovery is estimated to have 500 million barrels of oil equivalent. Production will likely begin in 2028, with an expected production period of 30 years. Equinor expects $6.7-$8.4 billion of investments for the project.
The Wisting development plan comprises a circular, floating production and storage unit (FPSO), with power from shore as a critical part of the technical solution. The oil will be processed and stored on the FPSO, and transported to the market.
The project partners intend to reduce the carbon footprint of production to the lowest possible level. There is insufficient gas in the reservoir to power the field throughout its planned life. Also, gas imports are technically demanding and expensive. Hence, electrification is a better alternative as it will have lower emissions during the production period. In the operational phase, the Wisting power demand will be around 80 megawatts.
The development and operation of the Wisting project will have favorable impacts on society locally, regionally and nationally. The development and the operational phase will help create significant value for the Norwegian society.
The impact assessment is an open process. It is intended to ensure that players have an opportunity to express opinions. Notably, the deadline for the consultation process is 12 weeks from the publication.
Company Profile & Price Performance
Headquartered in Stavanger, Norway, Equinor is one of the leading integrated energy companies in the world.
Shares of EQNR have outperformed the industry in the past six months. The stock has gained 44.3% compared with the industry’s 37.3% growth.
Zacks Rank & Other Stocks to Consider
Equinor currently sports a Zack Rank #1 (Strong Buy).
Investors interested in the energy sector might also look at the following companies that presently flaunt a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Kinder Morgan, Inc. (KMI - Free Report) is a leading midstream energy infrastructure provider in North America. KMI’s midstream properties are linked to all the prospective plays in the United States that are rich in natural gas. These extensive networks of natural gas pipelines provide Kinder Morgan with stable fee-based revenues.
With a strong focus on returning capital to shareholders, Kinder Morgan projects this year’s annual dividend at $1.11 per share. KMI also expects to repurchase up to $750 million of shares in 2022. Included in the financial projections is the generation of $7.2 billion of adjusted EBITDA, suggesting an improvement of 5% from the 2021 forecast.
APA Corporation (APA - Free Report) is one of the world's leading independent energy companies. It engages in the exploration, development and production of natural gas, crude oil and natural gas liquids. APA boasts a large geographically diversified reserve base, with multi-year trends in reserve replacement.
APA is expected to see an earnings growth of 59.1% in 2022. At its third-quarter earnings release, APA said that it is on track to generate around $2 billion in free cash flow for the full year, assuming the current strip prices for the remainder of 2021. This, together with the company’s aggressive cost management initiatives, should help in its debt reduction goal and achieve its leverage target of less than 1.5 times debt-to-EBITDA.
Centennial Resource Development, Inc. is an independent oil and gas exploration and production company. In 2020, CDEV’s net production was recorded at 67,161 barrels of oil equivalent per day, of which oil contributed 53.7%, and natural gas and natural gas liquids accounted for the rest.
Centennial Resource is expected to see an earnings growth of 98.4% in 2022. CDEV currently has a Zacks Style Score of A for Momentum and B for Growth. At the end of third-quarter 2021, cash and cash equivalents increased to $5 million from the second-quarter level of $4.7 million. Long-term net debt outstanding amounted to $1,004.9 million, down from $1,054.3 million at the end of the second quarter.