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Equinor (EQNR) Signs Deal to Supply Natural Gas to Poland
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Equinor ASA (EQNR - Free Report) signed an agreement to sell natural gas to Polish state-controlled PGNiG for 10 years.
The agreement would improve the nation’s energy security after Russia cuts natural gas exports to countries in Europe this year.
PGNiG is one of the leaders in the Polish natural gas market. The company’s core business includes the exploration and production of natural gas and crude oil.
The agreement involves the supply of 2.4 billion cubic meters (bcm) of gas per year through the Baltic Pipe. The volumes under the agreement are equivalent to 15% of the annual gas consumption in Poland. The agreement is from Jan 1, 2023, to Jan 1, 2033.
The Baltic Pipe pipeline will enable gas transport from Norway to the Denmark and Poland markets. Baltic Pipe is a gas infrastructure project aimed at creating a gas supply corridor in the Europe market. The pipeline is planned for partial commissioning this October. It is expected to be fully commissioned on Jan 1, 2023, at an annual capacity of up to 10 bcm.
Equinor has been active in the offshore wind energy sector in Poland since 2018. The company has been a strategic business partner for PGNiG, playing a crucial role in diversifying gas supplies to Poland.
Equinor and partners are developing some of the most advanced offshore wind projects in Poland, with a total capacity of 3000 megawatts (MW). In 2021, Equinor acquired Poland-based renewable company Wento with a 1600-MW solar project pipeline in onshore renewables in Poland.
Price Performance
Shares of EQNR have underperformed the industry in the past six months. The stock has lost 12.3% compared with the industry’s 9.1% decline.
Range Resources Corporation (RRC - Free Report) is among the top 10 natural gas producers in the United States. RRC’s board of directors authorized a $500-million share repurchase program, which is likely to be funded with the company’s free cash flow.
Range Resources has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth and Momentum, and B for Value. RRC is expected to see earnings growth of 171.8% in 2022.
Canadian Natural Resources Limited (CNQ - Free Report) is one of Canada’s largest independent energy companies that explores, develops and produces oil and natural gas. CNQ declared a special cash dividend on its common shares of C$1.50 per share recently, reflecting strength in its cash flows.
Canadian Natural Resources has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. CNQ is expected to see earnings growth of 83.4% in 2022.
Liberty Energy (LBRT - Free Report) offers hydraulic fracturing services to onshore upstream energy companies across multiple basins in North America. LBRT’s debt-to-capitalization stands at just 16% compared with many of its peers, which are hugely burdened with debts, accounting for around 50% of their total capital structure.
Liberty Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 60 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. LBRT is expected to see an earnings surge of 277.5% in 2022.
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Equinor (EQNR) Signs Deal to Supply Natural Gas to Poland
Equinor ASA (EQNR - Free Report) signed an agreement to sell natural gas to Polish state-controlled PGNiG for 10 years.
The agreement would improve the nation’s energy security after Russia cuts natural gas exports to countries in Europe this year.
PGNiG is one of the leaders in the Polish natural gas market. The company’s core business includes the exploration and production of natural gas and crude oil.
The agreement involves the supply of 2.4 billion cubic meters (bcm) of gas per year through the Baltic Pipe. The volumes under the agreement are equivalent to 15% of the annual gas consumption in Poland. The agreement is from Jan 1, 2023, to Jan 1, 2033.
The Baltic Pipe pipeline will enable gas transport from Norway to the Denmark and Poland markets. Baltic Pipe is a gas infrastructure project aimed at creating a gas supply corridor in the Europe market. The pipeline is planned for partial commissioning this October. It is expected to be fully commissioned on Jan 1, 2023, at an annual capacity of up to 10 bcm.
Equinor has been active in the offshore wind energy sector in Poland since 2018. The company has been a strategic business partner for PGNiG, playing a crucial role in diversifying gas supplies to Poland.
Equinor and partners are developing some of the most advanced offshore wind projects in Poland, with a total capacity of 3000 megawatts (MW). In 2021, Equinor acquired Poland-based renewable company Wento with a 1600-MW solar project pipeline in onshore renewables in Poland.
Price Performance
Shares of EQNR have underperformed the industry in the past six months. The stock has lost 12.3% compared with the industry’s 9.1% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Equinor currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources Corporation (RRC - Free Report) is among the top 10 natural gas producers in the United States. RRC’s board of directors authorized a $500-million share repurchase program, which is likely to be funded with the company’s free cash flow.
Range Resources has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth and Momentum, and B for Value. RRC is expected to see earnings growth of 171.8% in 2022.
Canadian Natural Resources Limited (CNQ - Free Report) is one of Canada’s largest independent energy companies that explores, develops and produces oil and natural gas. CNQ declared a special cash dividend on its common shares of C$1.50 per share recently, reflecting strength in its cash flows.
Canadian Natural Resources has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. CNQ is expected to see earnings growth of 83.4% in 2022.
Liberty Energy (LBRT - Free Report) offers hydraulic fracturing services to onshore upstream energy companies across multiple basins in North America. LBRT’s debt-to-capitalization stands at just 16% compared with many of its peers, which are hugely burdened with debts, accounting for around 50% of their total capital structure.
Liberty Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 60 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. LBRT is expected to see an earnings surge of 277.5% in 2022.