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Equinor (EQNR) Makes Final Decision to Develop Krafla Platform
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Equinor ASA (EQNR - Free Report) and partners reached a final investment decision for the development and operation of Krafla, with total investments of more than NOK 200 billion.
Equinor and partners submitted 10 plans for development and operation (“PDO”) of the Krafla field to the Norway Ministry of Petroleum and Energy.
Aker BP, the other project partner, will develop Krafla with the Fulla and North of Alvheim discoveries in the same area. Once the PDO is submitted, Aker BP will assume the operatorship for the entire area in the development and operational phases of the Krafla field.
Proven in 2011, Krafla has recoverable resource estimates of 325 million barrels of oil equivalent. The Krafla platform, the first of its kind, will be remotely operated from the shore. The field will be developed by deploying advanced technologies, and assessing high levels of digitalization, automation and remote operation. This would lead to a new standard for future offshore developments.
The state-of-the-art design will increase safety, reduce operating costs and lower emissions from production. The field is being developed to be regularly unmanned after a few years of operation.
The companies selected future-oriented solutions to enable a high level of data-driven decisions based on continuous monitoring of processes and equipment. For instance, maintenance planning will be optimized through digital twins and executed in annual campaigns.
Krafla will be a leader in low-carbon emissions from production with power from shore, estimated at 0.4 kilograms per barrel of oil equivalent. The planned development of the entire area will offer optimum pre-conditions for efficient project implementation, and safe and effective field operations.
Price Performance
Shares of Equinor have underperformed the industry in the past six months. The stock has gained 6% compared with the industry’s 15.5% growth.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA’s third-quarter 2022 earnings per share of $9.28 beat the Zacks Consensus Estimate of $7.82.
Murphy USA is expected to see an earnings surge of 80.9% in 2022. In more good news for investors, MUSA’s board of directors recently declared a quarterly cash dividend of 35 cents per share to its common shareholders, marking a 9% sequential increase.
ProPetro Holding Corp. (PUMP - Free Report) is an oilfield services provider operating primarily in the Permian Basin 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 251% 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) Makes Final Decision to Develop Krafla Platform
Equinor ASA (EQNR - Free Report) and partners reached a final investment decision for the development and operation of Krafla, with total investments of more than NOK 200 billion.
Equinor and partners submitted 10 plans for development and operation (“PDO”) of the Krafla field to the Norway Ministry of Petroleum and Energy.
Aker BP, the other project partner, will develop Krafla with the Fulla and North of Alvheim discoveries in the same area. Once the PDO is submitted, Aker BP will assume the operatorship for the entire area in the development and operational phases of the Krafla field.
Proven in 2011, Krafla has recoverable resource estimates of 325 million barrels of oil equivalent. The Krafla platform, the first of its kind, will be remotely operated from the shore. The field will be developed by deploying advanced technologies, and assessing high levels of digitalization, automation and remote operation. This would lead to a new standard for future offshore developments.
The state-of-the-art design will increase safety, reduce operating costs and lower emissions from production. The field is being developed to be regularly unmanned after a few years of operation.
The companies selected future-oriented solutions to enable a high level of data-driven decisions based on continuous monitoring of processes and equipment. For instance, maintenance planning will be optimized through digital twins and executed in annual campaigns.
Krafla will be a leader in low-carbon emissions from production with power from shore, estimated at 0.4 kilograms per barrel of oil equivalent. The planned development of the entire area will offer optimum pre-conditions for efficient project implementation, and safe and effective field operations.
Price Performance
Shares of Equinor have underperformed the industry in the past six months. The stock has gained 6% compared with the industry’s 15.5% 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.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA’s third-quarter 2022 earnings per share of $9.28 beat the Zacks Consensus Estimate of $7.82.
Murphy USA is expected to see an earnings surge of 80.9% in 2022. In more good news for investors, MUSA’s board of directors recently declared a quarterly cash dividend of 35 cents per share to its common shareholders, marking a 9% sequential increase.
ProPetro Holding Corp. (PUMP - Free Report) is an oilfield services provider operating primarily in the Permian Basin 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 251% 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.