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Baker Hughes (BKR) to Provide LNG System for Plaquemines Project
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Baker Hughes Company (BKR - Free Report) received a contract from Venture Global LNG to provide a liquefied natural gas (“LNG”) system for Phase 1 of the Plaquemines LNG export project to be developed in Louisiana.
Plaquemines LNG project is situated on the Mississippi River, about 32 kilometers south of the port of New Orleans. Once fully developed, it is expected to have a combined export capacity of up to 20 million metric tons per year.
The latest order demands a liquefaction train system, which comprises 24 modularized compression trains manufactured by Baker Hughes. The modularized system provides a plug-and-play approach, enabling faster installation, and lower construction and operating expenses. Per the terms of the contract, Baker Hughes will also provide field services for the supplied equipment.
The latest contract is part of a master equipment supply agreement between Venture Global and Baker Hughes for 70 million tons per annum of production capacity. The first equipment deliveries for the Plaquemines LNG project are expected to start in the first half of 2023.
In 2019, Baker Hughes was awarded a similar contract for a comprehensive LNG technology solution for Venture Global’s Calcasieu Pass LNG terminal in Louisiana.The agreement involved Baker Hughes’ efficient and reliable modular liquefaction trains, as well as power generation and electrical distribution equipment for the Calcasieu Pass Project.
Last year, Baker Hughes delivered the ninth and final block for the Calcasieu Pass project. All shipments were completed earlier than expected. Notably, Calcasieu Pass holds the global record for the fastest construction of a massive greenfield LNG project.
Baker Hughes focuses on providing the most efficient and low-carbon technology solutions to meet customers’ requirements. Baker Hughes and Venture Global will continue to innovate and transform the LNG industry, bringing the essential fuel to the global market.
Company Profile & Price Performance
Headquartered in Houston, TX, Baker Hughes is one of the leading oilfield service providers.
Shares of BKR have outperformed the industry in the past six months. The stock has gained 40.5% compared with the industry’s 12.4% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Baker Hughes currently carries a Zack Rank #3 (Hold).
Houston, TX-based Occidental Petroleum (OXY - Free Report) is an integrated oil and gas company, with significant exploration and production exposure. OXY’s 2021-end proved reserves were 3.51 billion barrels of oil equivalent (Bboe), up 2.9 Bboe at 2020-end.
OXY’s earnings for 2021 are expected to surge 85.9% year over year. As of Dec 31, 2021, Occidental had cash and cash equivalents of $2,764 million compared with $2,008 million in the corresponding period of 2020.
ConocoPhillips (COP - Free Report) primarily engages in the exploration and production of oil and natural gas. Considering proved reserves and production, COP is the largest explorer and producer in the world. The company ended 2021 with proved reserves of 6.1 billion barrels of oil equivalent and a reserve replacement ratio of 377%.
ConocoPhillips is projected to see a year-over-year earnings surge of 69.6% in 2021. The company revised higher its expected 2022 return of capital to shareholders. The new guidance is at $8 billion, reflecting an increase from the prior projection of $7 billion.
Centennial Resource Development, Inc. is an independent oil and gas exploration and production company. Centennial announced its proved reserves for 2021-end at 305 MMBoe, representing growth from 299 MMBoe at the end of the prior year.
Centennial's earnings for 2022 are expected to surge 94.2% year over year. CDEV currently has a Zacks Style Score of B for Value and Growth. Centennial announced the launch of its stock repurchase program of $350 million. The authorization of the plan is for two years.
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Baker Hughes (BKR) to Provide LNG System for Plaquemines Project
Baker Hughes Company (BKR - Free Report) received a contract from Venture Global LNG to provide a liquefied natural gas (“LNG”) system for Phase 1 of the Plaquemines LNG export project to be developed in Louisiana.
Plaquemines LNG project is situated on the Mississippi River, about 32 kilometers south of the port of New Orleans. Once fully developed, it is expected to have a combined export capacity of up to 20 million metric tons per year.
The latest order demands a liquefaction train system, which comprises 24 modularized compression trains manufactured by Baker Hughes. The modularized system provides a plug-and-play approach, enabling faster installation, and lower construction and operating expenses. Per the terms of the contract, Baker Hughes will also provide field services for the supplied equipment.
The latest contract is part of a master equipment supply agreement between Venture Global and Baker Hughes for 70 million tons per annum of production capacity. The first equipment deliveries for the Plaquemines LNG project are expected to start in the first half of 2023.
In 2019, Baker Hughes was awarded a similar contract for a comprehensive LNG technology solution for Venture Global’s Calcasieu Pass LNG terminal in Louisiana.The agreement involved Baker Hughes’ efficient and reliable modular liquefaction trains, as well as power generation and electrical distribution equipment for the Calcasieu Pass Project.
Last year, Baker Hughes delivered the ninth and final block for the Calcasieu Pass project. All shipments were completed earlier than expected. Notably, Calcasieu Pass holds the global record for the fastest construction of a massive greenfield LNG project.
Baker Hughes focuses on providing the most efficient and low-carbon technology solutions to meet customers’ requirements. Baker Hughes and Venture Global will continue to innovate and transform the LNG industry, bringing the essential fuel to the global market.
Company Profile & Price Performance
Headquartered in Houston, TX, Baker Hughes is one of the leading oilfield service providers.
Shares of BKR have outperformed the industry in the past six months. The stock has gained 40.5% compared with the industry’s 12.4% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Baker Hughes currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based Occidental Petroleum (OXY - Free Report) is an integrated oil and gas company, with significant exploration and production exposure. OXY’s 2021-end proved reserves were 3.51 billion barrels of oil equivalent (Bboe), up 2.9 Bboe at 2020-end.
OXY’s earnings for 2021 are expected to surge 85.9% year over year. As of Dec 31, 2021, Occidental had cash and cash equivalents of $2,764 million compared with $2,008 million in the corresponding period of 2020.
ConocoPhillips (COP - Free Report) primarily engages in the exploration and production of oil and natural gas. Considering proved reserves and production, COP is the largest explorer and producer in the world. The company ended 2021 with proved reserves of 6.1 billion barrels of oil equivalent and a reserve replacement ratio of 377%.
ConocoPhillips is projected to see a year-over-year earnings surge of 69.6% in 2021. The company revised higher its expected 2022 return of capital to shareholders. The new guidance is at $8 billion, reflecting an increase from the prior projection of $7 billion.
Centennial Resource Development, Inc. is an independent oil and gas exploration and production company. Centennial announced its proved reserves for 2021-end at 305 MMBoe, representing growth from 299 MMBoe at the end of the prior year.
Centennial's earnings for 2022 are expected to surge 94.2% year over year. CDEV currently has a Zacks Style Score of B for Value and Growth. Centennial announced the launch of its stock repurchase program of $350 million. The authorization of the plan is for two years.