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Equinor (EQNR) Starts Production From Norway's Askeladd Field
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Equinor ASA (EQNR - Free Report) commissioned the first phase of the Askeladd gas-condensate development in the Barents Sea.
In 2020, the first phase of the Askeladd development was originally completed. However, the project startup was halted until repairs had been completed at Melkoya after a fire incident took place that year.
The Askeladd development is a gas field project in the Barents Sea on the Norwegian Continental Shelf. The development was completed without delay on a NOK 650-million budget, below the initial cost estimate of NOK 5.2 billion. Equinor operates the Snohvit field with a 36.79% interest.
Askeladd is a satellite field of the Snohvit field and was developed as a subsea tie-in to the Snohvit facility and Hammerfest LNG. The project will deliver 18 billion cubic meters of gas and two million cubic meters of condensate to the market through the Hammerfest LNG facility.
Hammerfest LNG usually delivers 18.4 million standard cubic meters of gas per day or 6.5 billion cubic meters per year. This is equivalent to the requirements of 6.5 million European households or 5% of all Norway gas exports. Hammerfest LNG supplies significant gas volumes to Europe customers and the gas from the Barents Sea strengthens Equinor’s position as a reliable gas supplier.
Askeladd gas will help extend plateau production from Hammerfest LNG on Melkoya by up to three years. Askeladd and future developments will ensure further value creation and production from Hammerfest LNG in the region for decades.
The next project will be Askeladd West, comprising two wells tied back to the existing infrastructure, before further development continues with onshore compression and electrification through the Snohvit Future project.
Price Performance
Shares of Equinor have underperformed the industry in the past three months. The stock has gained 6.2% compared with the industry’s 10.5% growth.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. OII’s third-quarter 2022 adjusted profit of 23 cents per share beat the Zacks Consensus Estimate of 13 cents.
OII is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA at $215-$240 million and continued significant free cash flow generation at $25-$75 million.
ProPetro Holding Corp. (PUMP - Free Report) is an oilfield services provider operating primarily in the Permian Basin spread over west Texas and New Mexico. PUMP’s third-quarter 2022 earnings per share of 38 cents beat the Zacks Consensus Estimate of 36 cents.
PUMP is expected to see an earnings rise of 145.3% in 2022. As of Sept 30, ProPetro had $43.2 million in cash and cash equivalents, and total liquidity of $155 million. ProPetro’s balance sheet is debt-free, which provides a potential lifeline amid the difficult operating environment. The steep cutbacks to its capital budget further strengthen its financial position.
Phillips 66 (PSX - Free Report) is the leading player in each of its operations, like refining, chemicals and midstream, in terms of size, efficiency and strengths. PSX’s third-quarter 2022 adjusted earnings per share of $6.46 beat the Zacks Consensus Estimate of $4.98.
PSX is expected to see an earnings rise of 254.6% in 2022. Phillips 66’s board of directors authorized a $5-billion increase to its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This reflects Phillips 66’s strong focus on returning capital to stockholders.
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Equinor (EQNR) Starts Production From Norway's Askeladd Field
Equinor ASA (EQNR - Free Report) commissioned the first phase of the Askeladd gas-condensate development in the Barents Sea.
In 2020, the first phase of the Askeladd development was originally completed. However, the project startup was halted until repairs had been completed at Melkoya after a fire incident took place that year.
The Askeladd development is a gas field project in the Barents Sea on the Norwegian Continental Shelf. The development was completed without delay on a NOK 650-million budget, below the initial cost estimate of NOK 5.2 billion. Equinor operates the Snohvit field with a 36.79% interest.
Askeladd is a satellite field of the Snohvit field and was developed as a subsea tie-in to the Snohvit facility and Hammerfest LNG. The project will deliver 18 billion cubic meters of gas and two million cubic meters of condensate to the market through the Hammerfest LNG facility.
Hammerfest LNG usually delivers 18.4 million standard cubic meters of gas per day or 6.5 billion cubic meters per year. This is equivalent to the requirements of 6.5 million European households or 5% of all Norway gas exports. Hammerfest LNG supplies significant gas volumes to Europe customers and the gas from the Barents Sea strengthens Equinor’s position as a reliable gas supplier.
Askeladd gas will help extend plateau production from Hammerfest LNG on Melkoya by up to three years. Askeladd and future developments will ensure further value creation and production from Hammerfest LNG in the region for decades.
The next project will be Askeladd West, comprising two wells tied back to the existing infrastructure, before further development continues with onshore compression and electrification through the Snohvit Future project.
Price Performance
Shares of Equinor have underperformed the industry in the past three months. The stock has gained 6.2% compared with the industry’s 10.5% growth.
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 carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. OII’s third-quarter 2022 adjusted profit of 23 cents per share beat the Zacks Consensus Estimate of 13 cents.
OII is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA at $215-$240 million and continued significant free cash flow generation at $25-$75 million.
ProPetro Holding Corp. (PUMP - Free Report) is an oilfield services provider operating primarily in the Permian Basin spread over west Texas and New Mexico. PUMP’s third-quarter 2022 earnings per share of 38 cents beat the Zacks Consensus Estimate of 36 cents.
PUMP is expected to see an earnings rise of 145.3% in 2022. As of Sept 30, ProPetro had $43.2 million in cash and cash equivalents, and total liquidity of $155 million. ProPetro’s balance sheet is debt-free, which provides a potential lifeline amid the difficult operating environment. The steep cutbacks to its capital budget further strengthen its financial position.
Phillips 66 (PSX - Free Report) is the leading player in each of its operations, like refining, chemicals and midstream, in terms of size, efficiency and strengths. PSX’s third-quarter 2022 adjusted earnings per share of $6.46 beat the Zacks Consensus Estimate of $4.98.
PSX is expected to see an earnings rise of 254.6% in 2022. Phillips 66’s board of directors authorized a $5-billion increase to its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This reflects Phillips 66’s strong focus on returning capital to stockholders.