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Shell (SHEL) Halts Production at Prelude FLNG Unit Due to Fire
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Shell plc’s (SHEL - Free Report) output at the Prelude floating liquefied natural gas (FLNG) unit has been halted again after the British oil and gas major stated that a small fire had been detected in a turbine enclosure on board the facility, 120 miles off the coast of Australia. A Shell spokesperson told Reuters that the fire at the giant FLNG unit "was rapidly extinguished."
The facility had to be closed down for almost a year after an electrical trip in February 2020. Production resumed in January 2021. However, the unit was shut down again in December 2021 after a sudden loss of power and subsequent failed attempts to re-establish reliable power aboard.
After a four-month halt, Shell resumed shipping LNG from Prelude FLNG in April 2022. However, shipments were interrupted again in June 2022 due to industrial action by workers protesting for enhanced pay. SHEL and the unions reached a pay deal in August, ending the 76-day strike and recommencing output.
The Prelude FLNG facility produces natural gas off the coast of Australia. It is located at the Browse Basin, about 295 miles northwest of Broome in Western Australia. Shell has a 67.5% interest in the facility, while Japan’s Inpex holds a 17.5% stake. Additionally, Korea’s Kogas has 10%, and Taiwan’s CPC holds a 5% stake in the unit. Prelude FLNG can produce up to 3.6 million tons per annum (mtpa) of LNG, 1.3 mtpa of condensate and 0.4 mtpa of LPG.
Headquartered in London, 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.
BP plc (BP - Free Report) is a fully integrated energy company with a strong focus on renewable energy. BP’s third-quarter adjusted earnings of $2.59 per American Depositary Share on a replacement-cost basis, excluding non-operating items, beat the Zacks Consensus Estimate of earnings of $1.94 per share.
BP is expected to see an earnings rise of 138% in 2022. Before reporting its December-quarter results, BP is willing to complete an additional $2.5 billion in share buybacks. BP boasted that this would make the total declared share repurchases from 2022 surplus cash flow $8.5 billion.
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.
Oceaneering is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA in the band of $215-$240 million and continued significant free cash flow generation in the range of $25-$75 million.
Phillips 66 (PSX - Free Report) is the leading player in its operations, like refining, chemicals and midstream, in terms of size, efficiency and strength. PSX’s third-quarter 2022 adjusted earnings per share of $6.46 beat the Zacks Consensus Estimate of $4.98.
Phillips is expected to see an earnings rise of 251% in 2022. PSX’s board of directors authorized a $5-billion increase on its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This reflects Phillips’ focus on returning capital to stockholders.
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Shell (SHEL) Halts Production at Prelude FLNG Unit Due to Fire
Shell plc’s (SHEL - Free Report) output at the Prelude floating liquefied natural gas (FLNG) unit has been halted again after the British oil and gas major stated that a small fire had been detected in a turbine enclosure on board the facility, 120 miles off the coast of Australia. A Shell spokesperson told Reuters that the fire at the giant FLNG unit "was rapidly extinguished."
The facility had to be closed down for almost a year after an electrical trip in February 2020. Production resumed in January 2021. However, the unit was shut down again in December 2021 after a sudden loss of power and subsequent failed attempts to re-establish reliable power aboard.
After a four-month halt, Shell resumed shipping LNG from Prelude FLNG in April 2022. However, shipments were interrupted again in June 2022 due to industrial action by workers protesting for enhanced pay. SHEL and the unions reached a pay deal in August, ending the 76-day strike and recommencing output.
The Prelude FLNG facility produces natural gas off the coast of Australia. It is located at the Browse Basin, about 295 miles northwest of Broome in Western Australia. Shell has a 67.5% interest in the facility, while Japan’s Inpex holds a 17.5% stake. Additionally, Korea’s Kogas has 10%, and Taiwan’s CPC holds a 5% stake in the unit. Prelude FLNG can produce up to 3.6 million tons per annum (mtpa) of LNG, 1.3 mtpa of condensate and 0.4 mtpa of LPG.
Headquartered in London, 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 currently carries a Zack Rank #3 (Hold). Investors interested in the energy sector might look at the following better-ranked stocks that presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BP plc (BP - Free Report) is a fully integrated energy company with a strong focus on renewable energy. BP’s third-quarter adjusted earnings of $2.59 per American Depositary Share on a replacement-cost basis, excluding non-operating items, beat the Zacks Consensus Estimate of earnings of $1.94 per share.
BP is expected to see an earnings rise of 138% in 2022. Before reporting its December-quarter results, BP is willing to complete an additional $2.5 billion in share buybacks. BP boasted that this would make the total declared share repurchases from 2022 surplus cash flow $8.5 billion.
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.
Oceaneering is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA in the band of $215-$240 million and continued significant free cash flow generation in the range of $25-$75 million.
Phillips 66 (PSX - Free Report) is the leading player in its operations, like refining, chemicals and midstream, in terms of size, efficiency and strength. PSX’s third-quarter 2022 adjusted earnings per share of $6.46 beat the Zacks Consensus Estimate of $4.98.
Phillips is expected to see an earnings rise of 251% in 2022. PSX’s board of directors authorized a $5-billion increase on its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This reflects Phillips’ focus on returning capital to stockholders.