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Equinor (EQNR) Restarts Production From Hammerfest Facility
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Equinor ASA (EQNR - Free Report) announced that its Hammerfest liquefied natural gas ("LNG") facility in Norway recommenced production after extensive maintenance work and an improved operational period.
In September 2020, Equinor shut the Hammerfest LNG facility due to the damages caused by a fire on the air intake on one of the facility’s five power turbines.
The Hammerfest facility suffered continued time overrun issues since the fire. Due to the continued impacts of the coronavirus pandemic and operating limitations, Equinor revised the expected commencement date several times to allow additional time to prepare for safe start-up and operations.
The first LNG is on tank at the liquefaction facility, situated on Melkoya Island in Norway. Per Equinor, the facility will recommence shipments in the next few days. Notably, the company’s Hammerfest facility has a processing capacity of more than four million tons of gas per year.
Hammerfest is the only large-scale LNG facility in Europe. The LNG volumes from the facility are responsible for 5% of Norway’s gas exports. The facility receives and processes natural gas from the Snohvit field in the Barents Sea. The gas is transferred in a 160-kilometer pipeline, which transports the field’s well stream to the Hammerfest LNG facility.
During regular production, the Hammerfest facility delivers 6.5 billion cubic meters per year. This is equivalent to the annual gas requirements of 6.5 million European households. The resumption of production would address the plight of Europe’s strained LNG market, which has been seeking alternatives to Russian supplies due to the country’s aggressive invasion of Ukraine.
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 45.7% compared with the industry’s 42.2% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Equinor currently sports a Zack Rank #1 (Strong Buy).
Valero Energy Corporation (VLO - Free Report) is the largest independent refiner and marketer of petroleum products in the United States. VLO’s Gulf Coast contributed 60.5% to the total throughput volume in the first quarter of 2022.
Valero’s 2022 earnings are expected to surge 409% year over year. VLO currently has a Zacks Style Score of A for Growth and Momentum, and B for Value. Through the March-end quarter, Valero returned $545 million to stockholders as dividend payments.
Suncor Energy, Inc. (SU - Free Report) is Canada's premier integrated energy company. Suncor has strong liquidity to manage through the commodity price cycle. The company has debt maturities of C$1.8 billion for 2021-2022 and it sits on more than C$4 billion in total liquidity.
Suncor’s 2022 earnings are expected to surge 151.5% year over year. SU currently has a Zacks Style Score of A for Value. Suncor hiked its dividend by 12% to 47 Canadian cents per share (after doubling it previously) and increased the buyback authorization to roughly 10% of its public float.
Imperial Oil Limited (IMO - Free Report) is one of the largest integrated oil companies of Canada. IMO’s board of directors approved a hike in quarterly dividend payment. The new payout of 34 Canadian cents is 26% above the prior dividend.
Imperial Oil's 2022 earnings are expected to surge 151.1% year over year. IMO currently has a Zacks Style Score of A for Growth and B for Value. Its debt-to-capitalization of 18.9% is quite conservative versus 32.1% for the sub-industry to which it belongs. Apart from low leverage for its industry, Imperial Oil has ample liquidity with cash and cash equivalents of $1.7 billion.
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Equinor (EQNR) Restarts Production From Hammerfest Facility
Equinor ASA (EQNR - Free Report) announced that its Hammerfest liquefied natural gas ("LNG") facility in Norway recommenced production after extensive maintenance work and an improved operational period.
In September 2020, Equinor shut the Hammerfest LNG facility due to the damages caused by a fire on the air intake on one of the facility’s five power turbines.
The Hammerfest facility suffered continued time overrun issues since the fire. Due to the continued impacts of the coronavirus pandemic and operating limitations, Equinor revised the expected commencement date several times to allow additional time to prepare for safe start-up and operations.
The first LNG is on tank at the liquefaction facility, situated on Melkoya Island in Norway. Per Equinor, the facility will recommence shipments in the next few days. Notably, the company’s Hammerfest facility has a processing capacity of more than four million tons of gas per year.
Hammerfest is the only large-scale LNG facility in Europe. The LNG volumes from the facility are responsible for 5% of Norway’s gas exports. The facility receives and processes natural gas from the Snohvit field in the Barents Sea. The gas is transferred in a 160-kilometer pipeline, which transports the field’s well stream to the Hammerfest LNG facility.
During regular production, the Hammerfest facility delivers 6.5 billion cubic meters per year. This is equivalent to the annual gas requirements of 6.5 million European households. The resumption of production would address the plight of Europe’s strained LNG market, which has been seeking alternatives to Russian supplies due to the country’s aggressive invasion of Ukraine.
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 45.7% compared with the industry’s 42.2% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Equinor currently sports a Zack Rank #1 (Strong Buy).
Investors interested in the energy sector might look at the following companies that also presently flaunt a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Valero Energy Corporation (VLO - Free Report) is the largest independent refiner and marketer of petroleum products in the United States. VLO’s Gulf Coast contributed 60.5% to the total throughput volume in the first quarter of 2022.
Valero’s 2022 earnings are expected to surge 409% year over year. VLO currently has a Zacks Style Score of A for Growth and Momentum, and B for Value. Through the March-end quarter, Valero returned $545 million to stockholders as dividend payments.
Suncor Energy, Inc. (SU - Free Report) is Canada's premier integrated energy company. Suncor has strong liquidity to manage through the commodity price cycle. The company has debt maturities of C$1.8 billion for 2021-2022 and it sits on more than C$4 billion in total liquidity.
Suncor’s 2022 earnings are expected to surge 151.5% year over year. SU currently has a Zacks Style Score of A for Value. Suncor hiked its dividend by 12% to 47 Canadian cents per share (after doubling it previously) and increased the buyback authorization to roughly 10% of its public float.
Imperial Oil Limited (IMO - Free Report) is one of the largest integrated oil companies of Canada. IMO’s board of directors approved a hike in quarterly dividend payment. The new payout of 34 Canadian cents is 26% above the prior dividend.
Imperial Oil's 2022 earnings are expected to surge 151.1% year over year. IMO currently has a Zacks Style Score of A for Growth and B for Value. Its debt-to-capitalization of 18.9% is quite conservative versus 32.1% for the sub-industry to which it belongs. Apart from low leverage for its industry, Imperial Oil has ample liquidity with cash and cash equivalents of $1.7 billion.