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Baker Hughes (BKR) to Supply Advanced Equipment for CCS Project
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Baker Hughes Company (BKR - Free Report) received a contract to provide carbon dioxide (CO2) compression equipment for Petronas’ Kasawari project in Malaysia.
The project is expected to be one of the world’s largest offshore carbon capture and sequestration (CCS) projects, with a capacity to reduce CO2 emissions by 3.3 million tons per annum.
Baker Hughes will supply turbo-compression equipment to the Kasawari CCS project. The project will have advanced compression technology with a minimized footprint and weight. The compressors will transport and reinject the CO2 separated from natural gas into a depleted offshore field through a subsea pipeline.
Baker Hughes will supply two trains of low-pressure booster compressors to eliminate CO2 through membrane separation technology. The company will also provide two trains for reinjecting the separated CO2 into a storage site. The trains provide greater fuel efficiency and reduced nitrogen oxide emissions despite having high CO2 content fuel gas.
CO2 capture and storage enable the development of blue hydrogen and ammonia. With CCS, blue hydrogen and ammonia can remove emissions from natural gas use, granting access to large amounts of low-carbon energy. Emissions can also be significantly reduced from gas-fired power plants by using CCS.
The project indicates the feasibility of commercial-scale carbon-capture projects crucial for the clean energy transition. The project proves that CCS technology can be deployed in challenging environments, including offshore gas facilities.
Baker Hughes has more than 20 years of experience in carbon capture, utilization and storage technologies. The project will help the company achieve its net-zero carbon emission targets by 2050.
Price Performance
Shares of BKR have underperformed the industry in the past three months. The stock has gained 21.2% compared the industry’s 27.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Baker Hughes currently carries a Zack Rank #3 (Hold).
ProPetro Holding Corp. (PUMP - Free Report) is an oilfield service 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.
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.
Patterson-UTI Energy (PTEN - Free Report) is one of the largest North America land drilling contractors, having a large, high-quality fleet of drilling rigs. PTEN’s third-quarter 2022 adjusted net profit of 28 cents per share beat the Zacks Consensus Estimate of 19 cents.
Patterson-UTI is expected to see an earnings surge of 128% in 2022. PTEN doubled its quarterly cash dividend to 8 cents per share from the previous 4-cent payout. PTEN also increased its share repurchase authorization to $300 million.
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Baker Hughes (BKR) to Supply Advanced Equipment for CCS Project
Baker Hughes Company (BKR - Free Report) received a contract to provide carbon dioxide (CO2) compression equipment for Petronas’ Kasawari project in Malaysia.
The project is expected to be one of the world’s largest offshore carbon capture and sequestration (CCS) projects, with a capacity to reduce CO2 emissions by 3.3 million tons per annum.
Baker Hughes will supply turbo-compression equipment to the Kasawari CCS project. The project will have advanced compression technology with a minimized footprint and weight. The compressors will transport and reinject the CO2 separated from natural gas into a depleted offshore field through a subsea pipeline.
Baker Hughes will supply two trains of low-pressure booster compressors to eliminate CO2 through membrane separation technology. The company will also provide two trains for reinjecting the separated CO2 into a storage site. The trains provide greater fuel efficiency and reduced nitrogen oxide emissions despite having high CO2 content fuel gas.
CO2 capture and storage enable the development of blue hydrogen and ammonia. With CCS, blue hydrogen and ammonia can remove emissions from natural gas use, granting access to large amounts of low-carbon energy. Emissions can also be significantly reduced from gas-fired power plants by using CCS.
The project indicates the feasibility of commercial-scale carbon-capture projects crucial for the clean energy transition. The project proves that CCS technology can be deployed in challenging environments, including offshore gas facilities.
Baker Hughes has more than 20 years of experience in carbon capture, utilization and storage technologies. The project will help the company achieve its net-zero carbon emission targets by 2050.
Price Performance
Shares of BKR have underperformed the industry in the past three months. The stock has gained 21.2% compared the industry’s 27.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Baker Hughes currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ProPetro Holding Corp. (PUMP - Free Report) is an oilfield service 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.
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.
Patterson-UTI Energy (PTEN - Free Report) is one of the largest North America land drilling contractors, having a large, high-quality fleet of drilling rigs. PTEN’s third-quarter 2022 adjusted net profit of 28 cents per share beat the Zacks Consensus Estimate of 19 cents.
Patterson-UTI is expected to see an earnings surge of 128% in 2022. PTEN doubled its quarterly cash dividend to 8 cents per share from the previous 4-cent payout. PTEN also increased its share repurchase authorization to $300 million.