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Equinor (EQNR) Boosts Stake in Norway Oil & Gas Discoveries
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Equinor ASA (EQNR - Free Report) entered an agreement to acquire interests in five North Sea discoveries from Wellesley Petroleum.
The agreement involves additional ownership interest in five discoveries in the Troll, Fram and Kvitebjorn areas in the Norwegian sector of the North Sea.
Equinor’s ownership interest will be increased by an additional 18.8% in Grosbeak, 45% in Toppand, 40% in Atlantis, and 20% in Rover Nord and Rover Sor discoveries. The acquisition bolsters Equinor’s position in core areas of the Norwegian Continental Shelf.
Equinor has made seven discoveries in this area since 2019. The discoveries can be placed in service with low costs and low emissions after connecting to the suitable infrastructure in the area. Discoveries close to infrastructure are crucial to maintaining production at current levels from the Norwegian Continental Shelf beyond 2030.
Norway-based Wellesley Petroleum operates as an oil and gas exploration company. Once the transaction closes, Wellesley Petroleum will return more than half a billion dollars to investors through the sale of discoveries since 2019, supporting the continuing value potential of hydrocarbon exploration on the Norwegian Continental Shelf.
Over the past years, the Troll and Fram area has emerged as an exploration hotspot in the Norwegian Continental Shelf. Equinor has made multiple discoveries in this area, which includes Swisher, Toppand and Rover Nord and Sor. Equinor commenced field development projects to coordinate the development of the discoveries in collaboration with partners.
Price Performance
Shares of Equinor have outperformed the industry in the past month. The stock has gained 6.7% against the industry’s 1% decline.
Antero Midstream Corporation (AM - Free Report) reported fourth-quarter 2022 adjusted earnings per share of 20 cents, beating the Zacks Consensus Estimate of 17 cents. The strong quarterly results were primarily driven by higher freshwater delivery volumes and increased average freshwater distribution fees.
For 2023, Antero Midstream expects a net income of $340-$380 million, indicating an increase from the $326.2 million reported in 2022.
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 shares from the start of this year to 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 annualized 64 cents per share).
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Equinor (EQNR) Boosts Stake in Norway Oil & Gas Discoveries
Equinor ASA (EQNR - Free Report) entered an agreement to acquire interests in five North Sea discoveries from Wellesley Petroleum.
The agreement involves additional ownership interest in five discoveries in the Troll, Fram and Kvitebjorn areas in the Norwegian sector of the North Sea.
Equinor’s ownership interest will be increased by an additional 18.8% in Grosbeak, 45% in Toppand, 40% in Atlantis, and 20% in Rover Nord and Rover Sor discoveries. The acquisition bolsters Equinor’s position in core areas of the Norwegian Continental Shelf.
Equinor has made seven discoveries in this area since 2019. The discoveries can be placed in service with low costs and low emissions after connecting to the suitable infrastructure in the area. Discoveries close to infrastructure are crucial to maintaining production at current levels from the Norwegian Continental Shelf beyond 2030.
Norway-based Wellesley Petroleum operates as an oil and gas exploration company. Once the transaction closes, Wellesley Petroleum will return more than half a billion dollars to investors through the sale of discoveries since 2019, supporting the continuing value potential of hydrocarbon exploration on the Norwegian Continental Shelf.
Over the past years, the Troll and Fram area has emerged as an exploration hotspot in the Norwegian Continental Shelf. Equinor has made multiple discoveries in this area, which includes Swisher, Toppand and Rover Nord and Sor. Equinor commenced field development projects to coordinate the development of the discoveries in collaboration with partners.
Price Performance
Shares of Equinor have outperformed the industry in the past month. The stock has gained 6.7% against the industry’s 1% decline.
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.
Antero Midstream Corporation (AM - Free Report) reported fourth-quarter 2022 adjusted earnings per share of 20 cents, beating the Zacks Consensus Estimate of 17 cents. The strong quarterly results were primarily driven by higher freshwater delivery volumes and increased average freshwater distribution fees.
For 2023, Antero Midstream expects a net income of $340-$380 million, indicating an increase from the $326.2 million reported in 2022.
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 shares from the start of this year to 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 annualized 64 cents per share).