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Shell (SHEL) Withdraws Investment From Port Kembla Hydrogen Hub
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Shell plc (SHEL - Free Report) , the oil supermajor, pulled out from its investment and role of a lead partner in the Australian steel producer’s — BlueScope — renewable hydrogen hub transitioning project at Port Kembla steelworks in New South Wales, Australia.
Less than a year after committing to working with BlueScope, Shell is now withdrawing from plans to pilot scale the development of a 10 MW green hydrogen electrolyser situated at the Port Kembla Steelworks and the advancement of the vision of a hydrogen hub in Illawarra.
Melbourne-based BlueScope stated that green steel is decades away, now that Shell will become a “supporting” rather than a lead partner.
In December 2021, Shell signed a Memorandum of Understanding with BlueScope to work together on two green hydrogen projects, including the development of a 10 MW renewable hydrogen electrolyser plant and, more broadly, the establishment of a hydrogen hub in Illawarra as part of the New South Wales government’s $3-billion government-funded investment plan.
BlueScope said that it would continue to work with other potential investors to explore hydrogen production, including using it as a potential feedstock for a pilot direct reduced iron plant and its blast furnaces at Port Kembla, despite Shell’s withdrawal.
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals, with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
The Zacks Consensus Estimate for Petrobras’ 2022 earnings stands at $5.43 per share, up about 128% from the year-ago earnings of $2.38.
The Zacks Consensus Estimate for PBR’s 2022 earnings has been revised upward by about 22% over the past 60 days from $4.45 per share to $5.43 per share.
The Zacks Consensus Estimate for Murphy USA’s 2022 EPS has been revised upward by about 21.3% over the past 60 days from $17.54 to $21.28.
MUSA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49%.
The Zacks Consensus Estimate for CVR Energy’s 2022 earnings has been revised 45.5% upward over the past 60 days.
The Zacks Consensus Estimate for CVI’s 2022 earnings is pegged at $4.70 per share, up about 605.4% from the year-ago loss of 93 cents.
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Shell (SHEL) Withdraws Investment From Port Kembla Hydrogen Hub
Shell plc (SHEL - Free Report) , the oil supermajor, pulled out from its investment and role of a lead partner in the Australian steel producer’s — BlueScope — renewable hydrogen hub transitioning project at Port Kembla steelworks in New South Wales, Australia.
Less than a year after committing to working with BlueScope, Shell is now withdrawing from plans to pilot scale the development of a 10 MW green hydrogen electrolyser situated at the Port Kembla Steelworks and the advancement of the vision of a hydrogen hub in Illawarra.
Melbourne-based BlueScope stated that green steel is decades away, now that Shell will become a “supporting” rather than a lead partner.
In December 2021, Shell signed a Memorandum of Understanding with BlueScope to work together on two green hydrogen projects, including the development of a 10 MW renewable hydrogen electrolyser plant and, more broadly, the establishment of a hydrogen hub in Illawarra as part of the New South Wales government’s $3-billion government-funded investment plan.
BlueScope said that it would continue to work with other potential investors to explore hydrogen production, including using it as a potential feedstock for a pilot direct reduced iron plant and its blast furnaces at Port Kembla, despite Shell’s withdrawal.
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals, with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently has a Zacks Rank #2 (Buy). Investors interested in the energy space might also look at some other top-ranked stocks — Petrobras (PBR - Free Report) , Murphy USA (MUSA - Free Report) and CVR Energy (CVI - Free Report) — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Petrobras’ 2022 earnings stands at $5.43 per share, up about 128% from the year-ago earnings of $2.38.
The Zacks Consensus Estimate for PBR’s 2022 earnings has been revised upward by about 22% over the past 60 days from $4.45 per share to $5.43 per share.
The Zacks Consensus Estimate for Murphy USA’s 2022 EPS has been revised upward by about 21.3% over the past 60 days from $17.54 to $21.28.
MUSA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49%.
The Zacks Consensus Estimate for CVR Energy’s 2022 earnings has been revised 45.5% upward over the past 60 days.
The Zacks Consensus Estimate for CVI’s 2022 earnings is pegged at $4.70 per share, up about 605.4% from the year-ago loss of 93 cents.