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Halliburton (HAL) & Var Energi Sign Long-Term Contract on NCS
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Halliburton Company (HAL - Free Report) and Var Energi announced a long-term strategic relationship for drilling services. This collaboration aims to create substantial value and enhance drilling and well performance across the Norwegian Continental Shelf (“NCS”). With a focus on exploration and production (“E&P”), this partnership sets the stage for mutual growth and success in the industry.
Background
By leveraging Halliburton's world-class technical expertise, capabilities and extensive experience, Var Energi aims to position itself as the partner of choice. The collaboration will enable Var Energi to achieve operational excellence and build robust, long-term strategic partnerships in key business areas.
Objectives of the Partnership
The collaboration between Halliburton and Var Energi centers around some key objectives:
Improved Drilling Performance: By capitalizing on Halliburton's technical prowess and industry-leading drilling solutions, Var Energi seeks to optimize its own drilling operations. This includes enhancing drilling efficiency, minimizing downtime and maximizing well productivity.
Value Creation: HAL’s knowledge and experience will help Var Energi in achieving higher returns on investment and driving sustainable growth.
Operational Excellence: Var Energi is committed to delivering operational excellence across its activities. With Halliburton as a strategic partner, Var Energi can have access to cutting-edge technologies, innovative solutions and other practices that will help enhance its overall operational performance.
Significance of the NCS
The NCS holds an important position in the oil and gas industry. Known for its significant hydrocarbon reserves, the area offers vast E&P opportunities. Var Energi, a prominent Norwegian offshore oil and gas producer, operates across the entire NCS. The partnership will specifically focus on drilling services related to E&P activities in this region.
Collaboration for Growth
Var Energi's CEO Torger Rod expressed his satisfaction over joining forces with Halliburton. By partnering with a company known for its technical expertise and capabilities, Var Energi is well poised to achieve its growth objectives. The collaboration emphasizes Var Energi's commitment to becoming a leader in the industry through operational excellence.
Conclusion
The drilling services partnership between Halliburton and Var Energi marks a milestone in the oil and gas industry. Through this collaboration, the industry giants are poised to reshape the future of E&P on the NCS. By combining their technical prowess, capabilities and shared commitment to operational excellence, Halliburton and Var Energi are set to leave an indelible mark on the industry.
Evolution Petroleum: EPM is worth approximately $265.82 million. EPM currently pays a dividend of 48 cents per share, or 6.01% on an annual basis.
The company currently has a forward P/E ratio of 7.23. In comparison, its industry has an average forward P/E of 18.10, which means EPM is trading at a discount to the group.
Eni SpA: E is valued at around $49.97 billion. In the past year, its shares have risen 7.7%.
Eni SpA currently pays dividends of $1.29 per share, or 4.60% on an annual basis. E's payout ratio currently sits at 21% of earnings.
Archrock: AROC is valued at around $1.56 billion. It delivered an average earnings surprise of 8.34% for the last four quarters and its current dividend yield is 6.02%.
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Halliburton (HAL) & Var Energi Sign Long-Term Contract on NCS
Halliburton Company (HAL - Free Report) and Var Energi announced a long-term strategic relationship for drilling services. This collaboration aims to create substantial value and enhance drilling and well performance across the Norwegian Continental Shelf (“NCS”). With a focus on exploration and production (“E&P”), this partnership sets the stage for mutual growth and success in the industry.
Background
By leveraging Halliburton's world-class technical expertise, capabilities and extensive experience, Var Energi aims to position itself as the partner of choice. The collaboration will enable Var Energi to achieve operational excellence and build robust, long-term strategic partnerships in key business areas.
Objectives of the Partnership
The collaboration between Halliburton and Var Energi centers around some key objectives:
Improved Drilling Performance: By capitalizing on Halliburton's technical prowess and industry-leading drilling solutions, Var Energi seeks to optimize its own drilling operations. This includes enhancing drilling efficiency, minimizing downtime and maximizing well productivity.
Value Creation: HAL’s knowledge and experience will help Var Energi in achieving higher returns on investment and driving sustainable growth.
Operational Excellence: Var Energi is committed to delivering operational excellence across its activities. With Halliburton as a strategic partner, Var Energi can have access to cutting-edge technologies, innovative solutions and other practices that will help enhance its overall operational performance.
Significance of the NCS
The NCS holds an important position in the oil and gas industry. Known for its significant hydrocarbon reserves, the area offers vast E&P opportunities. Var Energi, a prominent Norwegian offshore oil and gas producer, operates across the entire NCS. The partnership will specifically focus on drilling services related to E&P activities in this region.
Collaboration for Growth
Var Energi's CEO Torger Rod expressed his satisfaction over joining forces with Halliburton. By partnering with a company known for its technical expertise and capabilities, Var Energi is well poised to achieve its growth objectives. The collaboration emphasizes Var Energi's commitment to becoming a leader in the industry through operational excellence.
Conclusion
The drilling services partnership between Halliburton and Var Energi marks a milestone in the oil and gas industry. Through this collaboration, the industry giants are poised to reshape the future of E&P on the NCS. By combining their technical prowess, capabilities and shared commitment to operational excellence, Halliburton and Var Energi are set to leave an indelible mark on the industry.
Zacks Rank and Key Picks
Currently HAL carries a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum (EPM - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and Eni SpA (E - Free Report) and Archrock (AROC - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum: EPM is worth approximately $265.82 million. EPM currently pays a dividend of 48 cents per share, or 6.01% on an annual basis.
The company currently has a forward P/E ratio of 7.23. In comparison, its industry has an average forward P/E of 18.10, which means EPM is trading at a discount to the group.
Eni SpA: E is valued at around $49.97 billion. In the past year, its shares have risen 7.7%.
Eni SpA currently pays dividends of $1.29 per share, or 4.60% on an annual basis. E's payout ratio currently sits at 21% of earnings.
Archrock: AROC is valued at around $1.56 billion. It delivered an average earnings surprise of 8.34% for the last four quarters and its current dividend yield is 6.02%.