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Nabors (NBR) Makes Investment in a Geothermal Technology Firm
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The Houston, TX-based oil and gas drilling contractor, Nabors Industries Ltd. (NBR - Free Report) , announced that it invested an amount of $8 million in GA Drilling, a Slovakia, Europe-based geothermal drilling technology company. This tactical investment is said to magnify the company’s commitment to “deep-drilling technologies tapping super-hot, ultra-deep rock reservoirs.”
The partnership between Nabors and GA Drilling intends to fast-track field commercialization and abolish the traditional economic obstacles of ultra-deep projects to make inexpensive geothermal energy accessible globally by integrating GA Drilling’s innovative, contactless PLASMABIT® drilling tool into Nabors' industry-prominent automated and lower-emission drilling operations.
This deal is in addition to the pre-series investment round, which was wound up recently by GA Drilling, with the entire value of those new investments being more than $20 million.
Nabors chief executive, Anthony Petrello, stressed that geothermal energy could prove to be a vital part of the energy transition and that his company aims to become an important player in the geothermal energy space. He further mentioned that NBR is looking forward to leveraging the GA Drilling Centre of Excellence and assimilating their technologies into the company’s environment.
Igor Kocis, GA Drilling founder and CEO, said that he was delighted at the prospect of developing a strategic collaboration with Nabors. “Nabors will introduce European high-technology capacities into the US market. Together, we will work toward meeting imminent demand to rapidly diversify the global energy mix,” he further added.
Incorporated in 1978, Nabors Industries Ltd. is one of the largest land drilling contractors in the world, conducting oil, gas and geothermal land drilling operations. The American multinational company — active across approximately 20 countries — primarily provides land-based and offshore drilling rigs that serve the oil and gas industry. The company has 100% ownership interest in a venture in Saudi Arabia, Nabors Arabia, which actively markets rigs. As of Sep 30, 2021, Nabors’ fleet consisted of 304 actively marketed land-based operating rigs and 29 offshore rigs.
PDC Energy’s stock has gone up 106.6% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 33.5% upward over the past 60 days from $10.52 per share to $14.03.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $14.03 per share, up 75.6% from the projected year-ago earnings of $7.99.
The Zacks Consensus Estimate for Vista’s 2022 earnings is pegged at $1.55 per share, up 187% from the projected year-ago earnings of 54 cents.
Vista stock has rallied 240.4% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised 11.5% upward over the past 60 days.
The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $6.66 per share, up about 88.7% from the projected year-ago earnings of $3.53. Devon Energy stock has increased 168.6% in a year.
Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 18.5%. DVN is valued at around $40 billion.
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Nabors (NBR) Makes Investment in a Geothermal Technology Firm
The Houston, TX-based oil and gas drilling contractor, Nabors Industries Ltd. (NBR - Free Report) , announced that it invested an amount of $8 million in GA Drilling, a Slovakia, Europe-based geothermal drilling technology company. This tactical investment is said to magnify the company’s commitment to “deep-drilling technologies tapping super-hot, ultra-deep rock reservoirs.”
The partnership between Nabors and GA Drilling intends to fast-track field commercialization and abolish the traditional economic obstacles of ultra-deep projects to make inexpensive geothermal energy accessible globally by integrating GA Drilling’s innovative, contactless PLASMABIT® drilling tool into Nabors' industry-prominent automated and lower-emission drilling operations.
This deal is in addition to the pre-series investment round, which was wound up recently by GA Drilling, with the entire value of those new investments being more than $20 million.
Nabors chief executive, Anthony Petrello, stressed that geothermal energy could prove to be a vital part of the energy transition and that his company aims to become an important player in the geothermal energy space. He further mentioned that NBR is looking forward to leveraging the GA Drilling Centre of Excellence and assimilating their technologies into the company’s environment.
Igor Kocis, GA Drilling founder and CEO, said that he was delighted at the prospect of developing a strategic collaboration with Nabors. “Nabors will introduce European high-technology capacities into the US market. Together, we will work toward meeting imminent demand to rapidly diversify the global energy mix,” he further added.
Incorporated in 1978, Nabors Industries Ltd. is one of the largest land drilling contractors in the world, conducting oil, gas and geothermal land drilling operations. The American multinational company — active across approximately 20 countries — primarily provides land-based and offshore drilling rigs that serve the oil and gas industry. The company has 100% ownership interest in a venture in Saudi Arabia, Nabors Arabia, which actively markets rigs. As of Sep 30, 2021, Nabors’ fleet consisted of 304 actively marketed land-based operating rigs and 29 offshore rigs.
Nabors currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include PDC Energy , Vista Oil & Gas (VIST - Free Report) and Devon Energy (DVN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PDC Energy’s stock has gone up 106.6% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 33.5% upward over the past 60 days from $10.52 per share to $14.03.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $14.03 per share, up 75.6% from the projected year-ago earnings of $7.99.
The Zacks Consensus Estimate for Vista’s 2022 earnings is pegged at $1.55 per share, up 187% from the projected year-ago earnings of 54 cents.
Vista stock has rallied 240.4% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised 11.5% upward over the past 60 days.
The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $6.66 per share, up about 88.7% from the projected year-ago earnings of $3.53. Devon Energy stock has increased 168.6% in a year.
Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 18.5%. DVN is valued at around $40 billion.