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BP Seeks Potential Buyer for Foinaven Oilfield in North Sea
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BP plc (BP - Free Report) is looking for potential buyers to divest its Foinaven oilfield in the North Sea after shutting production at the field last year, per a report by Reuters.
The Foinaven oilfield is a deep-water oil development situated about 190 kilometers west of Shetland. The field still holds 200 million barrels of oil reserves, which can be tapped in a relatively short period with limited investments. BP currently has a 100% stake in the field.
The company discontinued production at the Foinaven field as the long-serving FPSO Petrojarl Foinaven, through which the fields were producing oil, reached the end of its 25-year design life. The company expects Britain's growing interest in domestic production to attract buyers interested to exploit the field's remaining reserves.
The divestment is part of a gradual withdrawal of BP and other oil giants from mature oil and gas basins in recent years. Energy giants are divesting depreciating assets to smaller firms specializing in extending late-life fields.
It is uncertain how much BP could receive as proceeds from the Foinaven divestment, considering the clean-up or decommissioning expenses that would need to be negotiated. However, the company believes that the field can attract potential buyers due to the sharp increase in commodity prices and Europe's attempts to reduce dependency on Russia energy.
Headquartered in London, the U.K., BP is a fully integrated energy company with a strong focus on renewable energy. The company is also on track to capitalize on the global economic transition to low-carbon fuels. Apart from focusing strongly on oil production growth, BP has been investing in renewables. The company has a plan of becoming carbon-neutral by 2050.
BP currently has a Zacks Rank #3 (Hold). Investors interested in the energy space 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 96.5% 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.
Devon Energy Corporation (DVN - Free Report) is an independent energy company that primarily engages in the exploration, development and production of oil and natural gas. At 2021-end, Devon had proved developed and undeveloped reserves of nearly 1,625 million barrels of oil equivalent (MMBOE), up from the 2020-end level of 752 MMBOE.
Devon’s earnings for 2022 are expected to surge 84.7% year over year. The company’s board approved an increase in the dividend rate to $1, payable to shareholders on Mar 31, 2022. Management approved variable and fixed dividends for shareholders to further enhance the shareholder value.
PDC Energy, Inc. is an independent upstream operator that engages in the exploration, development and production of natural gas, crude oil and natural gas liquids. On Dec 31, 2021, PDCE's total estimated proved reserves were 213,845 thousand barrels of oil, 240,389 MBbls of natural gas liquids and 2,159,725 million cubic feet of natural gas.
PDC Energy’s earnings for 2022 are expected to grow 67.8% year over year. As of Dec 31, PDC Energy had $33.8 million in cash and cash equivalents, and $942.1 million in long-term debt, representing a debt-to-capitalization of 24.5%.
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BP Seeks Potential Buyer for Foinaven Oilfield in North Sea
BP plc (BP - Free Report) is looking for potential buyers to divest its Foinaven oilfield in the North Sea after shutting production at the field last year, per a report by Reuters.
The Foinaven oilfield is a deep-water oil development situated about 190 kilometers west of Shetland. The field still holds 200 million barrels of oil reserves, which can be tapped in a relatively short period with limited investments. BP currently has a 100% stake in the field.
The company discontinued production at the Foinaven field as the long-serving FPSO Petrojarl Foinaven, through which the fields were producing oil, reached the end of its 25-year design life. The company expects Britain's growing interest in domestic production to attract buyers interested to exploit the field's remaining reserves.
The divestment is part of a gradual withdrawal of BP and other oil giants from mature oil and gas basins in recent years. Energy giants are divesting depreciating assets to smaller firms specializing in extending late-life fields.
It is uncertain how much BP could receive as proceeds from the Foinaven divestment, considering the clean-up or decommissioning expenses that would need to be negotiated. However, the company believes that the field can attract potential buyers due to the sharp increase in commodity prices and Europe's attempts to reduce dependency on Russia energy.
Headquartered in London, the U.K., BP is a fully integrated energy company with a strong focus on renewable energy. The company is also on track to capitalize on the global economic transition to low-carbon fuels. Apart from focusing strongly on oil production growth, BP has been investing in renewables. The company has a plan of becoming carbon-neutral by 2050.
BP currently has a Zacks Rank #3 (Hold). Investors interested in the energy space 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 96.5% 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.
Devon Energy Corporation (DVN - Free Report) is an independent energy company that primarily engages in the exploration, development and production of oil and natural gas. At 2021-end, Devon had proved developed and undeveloped reserves of nearly 1,625 million barrels of oil equivalent (MMBOE), up from the 2020-end level of 752 MMBOE.
Devon’s earnings for 2022 are expected to surge 84.7% year over year. The company’s board approved an increase in the dividend rate to $1, payable to shareholders on Mar 31, 2022. Management approved variable and fixed dividends for shareholders to further enhance the shareholder value.
PDC Energy, Inc. is an independent upstream operator that engages in the exploration, development and production of natural gas, crude oil and natural gas liquids. On Dec 31, 2021, PDCE's total estimated proved reserves were 213,845 thousand barrels of oil, 240,389 MBbls of natural gas liquids and 2,159,725 million cubic feet of natural gas.
PDC Energy’s earnings for 2022 are expected to grow 67.8% year over year. As of Dec 31, PDC Energy had $33.8 million in cash and cash equivalents, and $942.1 million in long-term debt, representing a debt-to-capitalization of 24.5%.