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Equinor (EQNR) Makes Seventh Discovery Near Norway Troll Field
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Equinor ASA (EQNR - Free Report) made an oil and gas discovery in production license 923, near the Troll field in the North Sea.
The discovery, named Rover Sor, was made through wildcat well 31/1-3 S and was delineated by the appraisal well 31/1-3 A. The Transocean Spitsbergen rig drilled the two exploration wells.
These are the third and fourth exploration wells in production license 923, awarded in APA 2017. Equinor operates the license with a 40% interest.
The latest discovery is located 10 kilometers northwest of the Troll and 130 kilometers of Bergen in the northwest direction. According to preliminary estimates, the discovery holds 17-47 million barrels of recoverable oil equivalent. The majority of the discovery will likely be oil.
Rover Sor marks the seventh discovery in the area since the autumn of 2019. Equinor’s other discoveries in the area are Echino Sor, Swisher, Rover Nord, Blasto, Toppand and Kveikje.
Equinor and partners will consider tying the Rover Sor discovery into existing infrastructure in the Troll region. Discoveries close to the existing infrastructure are crucial to maintaining oil and gas production from the Norwegian Continental Shelf.
The Troll field constitutes 40% of the total gas reserves on the Norwegian Continental Shelf. Equinor operates the Troll A, B and C platforms on the field. The area’s gas reservoirs, 1,400 meters below sea level, are expected to produce for at least another 70 years.
Last year, the Norway government authorized Equinor to increase production at a number of projects, including Troll. This came as a result of sanctions imposed against Russia after its aggressive invasion of Ukraine.
Price Performance
Shares of Equinor have underperformed the industry in the past six months. The stock has declined 13.9% against the industry’s 16.2% growth.
Marathon Petroleum Corporation’s (MPC - Free Report) adjusted earnings per share of $6.65 comfortably beat the Zacks Consensus Estimate of $5.54. The bottom line was favorably impacted by the stronger-than-expected performance of its key Refining & Marketing segment.
In the fourth quarter, MPC repurchased $1.8 billion of shares and a further $700 million worth of shares this year till Jan 27. Marathon Petroleum, which gave an additional $5 billion share repurchase approval, currently has a remaining authorization of $7.6 billion.
Halliburton Company’s (HAL - Free Report) fourth-quarter 2022 adjusted net income per share of 72 cents surpassed the Zacks Consensus Estimate of 67 cents. The outperformance reflects stronger-than-expected profit from both its divisions.
In more good news for investors, Halliburton raised its quarterly dividend by 33.3% to 16 cents per share (or 64 cents per share annualized).
Valero Energy Corporation’s (VLO - Free Report) fourth-quarter 2022 adjusted earnings of $8.45 per share beat the Zacks Consensus Estimate of $7.45 per share. The strong quarterly results were driven by increased refinery throughput volumes and a higher refining margin.
Valero can benefit from the Gulf Coast export volumes as fuel demand recovery gets support from Asia economies. The Gulf Coast contributed 59.4% to the total throughput volume in the fourth quarter of 2022.
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Equinor (EQNR) Makes Seventh Discovery Near Norway Troll Field
Equinor ASA (EQNR - Free Report) made an oil and gas discovery in production license 923, near the Troll field in the North Sea.
The discovery, named Rover Sor, was made through wildcat well 31/1-3 S and was delineated by the appraisal well 31/1-3 A. The Transocean Spitsbergen rig drilled the two exploration wells.
These are the third and fourth exploration wells in production license 923, awarded in APA 2017. Equinor operates the license with a 40% interest.
The latest discovery is located 10 kilometers northwest of the Troll and 130 kilometers of Bergen in the northwest direction. According to preliminary estimates, the discovery holds 17-47 million barrels of recoverable oil equivalent. The majority of the discovery will likely be oil.
Rover Sor marks the seventh discovery in the area since the autumn of 2019. Equinor’s other discoveries in the area are Echino Sor, Swisher, Rover Nord, Blasto, Toppand and Kveikje.
Equinor and partners will consider tying the Rover Sor discovery into existing infrastructure in the Troll region. Discoveries close to the existing infrastructure are crucial to maintaining oil and gas production from the Norwegian Continental Shelf.
The Troll field constitutes 40% of the total gas reserves on the Norwegian Continental Shelf. Equinor operates the Troll A, B and C platforms on the field. The area’s gas reservoirs, 1,400 meters below sea level, are expected to produce for at least another 70 years.
Last year, the Norway government authorized Equinor to increase production at a number of projects, including Troll. This came as a result of sanctions imposed against Russia after its aggressive invasion of Ukraine.
Price Performance
Shares of Equinor have underperformed the industry in the past six months. The stock has declined 13.9% against the industry’s 16.2% 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.
Marathon Petroleum Corporation’s (MPC - Free Report) adjusted earnings per share of $6.65 comfortably beat the Zacks Consensus Estimate of $5.54. The bottom line was favorably impacted by the stronger-than-expected performance of its key Refining & Marketing segment.
In the fourth quarter, MPC repurchased $1.8 billion of shares and a further $700 million worth of shares this year till Jan 27. Marathon Petroleum, which gave an additional $5 billion share repurchase approval, currently has a remaining authorization of $7.6 billion.
Halliburton Company’s (HAL - Free Report) fourth-quarter 2022 adjusted net income per share of 72 cents surpassed the Zacks Consensus Estimate of 67 cents. The outperformance reflects stronger-than-expected profit from both its divisions.
In more good news for investors, Halliburton raised its quarterly dividend by 33.3% to 16 cents per share (or 64 cents per share annualized).
Valero Energy Corporation’s (VLO - Free Report) fourth-quarter 2022 adjusted earnings of $8.45 per share beat the Zacks Consensus Estimate of $7.45 per share. The strong quarterly results were driven by increased refinery throughput volumes and a higher refining margin.
Valero can benefit from the Gulf Coast export volumes as fuel demand recovery gets support from Asia economies. The Gulf Coast contributed 59.4% to the total throughput volume in the fourth quarter of 2022.