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Equinor (EQNR) Plans to Increase Crude Production in Brazil
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Equinor ASA (EQNR - Free Report) intends to increase oil production in Brazil by more than five times over the next 10 years, per a Reuters report.
The company is also planning to develop renewable projects in the offshore wind power sector.
Equinor is the second-largest oil producer in the South American country. It currently produces nearly 90,000 barrels of oil equivalent per day (Boe/d) and aims to increase production to more than 500,000 Boe/d by 2033.
The company expects its Bacalhau field in the pre-salt Santos area of Brazil to increase production in the next few years. In 2016, EQNR acquired a majority stake in the Bacalhau offshore field. Equinor intends to commence light crude production from the field in 2025.
The Bacalhau oil field will be the first integrated subsea production system, with subsea umbilicals, risers and flowlines project in Brazil. The Equinor-operated Bacalhau oil field, at a water depth of 2,050 meters, is situated approximately 185 kilometers offshore Sao Paulo, Brazil.
The Bacalhau project features 19 subsea wells tied back to a floating production, storage and offloading unit (“FPSO”) at the field. The FPSO vessel is expected to have a production capacity of 220,000 barrels per day and two million barrels in storage capacity.
Brazil continues to be the largest energy market in Latin America, with opportunities across many subsectors. Equinor has set out its strategy to enhance its transformation into a net-zero carbon emitter. Hence, the company is exploring opportunities in Brazil’s renewable energy sector.
Price Performance
Shares of Equinor have outperformed the industry in the past three months. The stock has gained 13.5% compared with the industry’s 6.7% growth.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The Zacks Consensus Estimate for SDRL’s 2023 and 2024 earnings is pegged at $2.93 and $4.01 per share, respectively.
PHX Minerals is an oil and natural gas mineral company. PHX Minerals posted first-quarter 2023 earnings of 11 cents per share, beating the Zacks Consensus Estimate of 7 cents per share.
PHX Minerals has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The Zacks Consensus Estimate for PHX’s 2023 and 2024 earnings per share is pegged at 30 cents and 55 cents, respectively.
Enterprise Products reported first-quarter 2023 adjusted earnings per limited partner unit of 64 cents, which beat the Zacks Consensus Estimate of 62 cents. This was primarily due to higher contributions from the Natural Gas Pipelines & Services business.
In the first quarter, Enterprise Products generated an adjusted free cash flow of $1,347 million against a negative free cash flow of $1,618 million in the year-ago quarter. EPD recorded a distributable cash flow of $863 million in the same time frame.
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Equinor (EQNR) Plans to Increase Crude Production in Brazil
Equinor ASA (EQNR - Free Report) intends to increase oil production in Brazil by more than five times over the next 10 years, per a Reuters report.
The company is also planning to develop renewable projects in the offshore wind power sector.
Equinor is the second-largest oil producer in the South American country. It currently produces nearly 90,000 barrels of oil equivalent per day (Boe/d) and aims to increase production to more than 500,000 Boe/d by 2033.
The company expects its Bacalhau field in the pre-salt Santos area of Brazil to increase production in the next few years. In 2016, EQNR acquired a majority stake in the Bacalhau offshore field. Equinor intends to commence light crude production from the field in 2025.
The Bacalhau oil field will be the first integrated subsea production system, with subsea umbilicals, risers and flowlines project in Brazil. The Equinor-operated Bacalhau oil field, at a water depth of 2,050 meters, is situated approximately 185 kilometers offshore Sao Paulo, Brazil.
The Bacalhau project features 19 subsea wells tied back to a floating production, storage and offloading unit (“FPSO”) at the field. The FPSO vessel is expected to have a production capacity of 220,000 barrels per day and two million barrels in storage capacity.
Brazil continues to be the largest energy market in Latin America, with opportunities across many subsectors. Equinor has set out its strategy to enhance its transformation into a net-zero carbon emitter. Hence, the company is exploring opportunities in Brazil’s renewable energy sector.
Price Performance
Shares of Equinor have outperformed the industry in the past three months. The stock has gained 13.5% compared with the industry’s 6.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Equinor currently carries a Zack Rank #3 (Hold).
Some other top-ranked players in the energy space are Seadrill Limited (SDRL - Free Report) , PHX Minerals Inc. (PHX - Free Report) and Enterprise Products Partners LP (EPD - Free Report) . While SDRL currently sports a Zacks Rank #1 (Strong Buy), PHX and EPD carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The Zacks Consensus Estimate for SDRL’s 2023 and 2024 earnings is pegged at $2.93 and $4.01 per share, respectively.
PHX Minerals is an oil and natural gas mineral company. PHX Minerals posted first-quarter 2023 earnings of 11 cents per share, beating the Zacks Consensus Estimate of 7 cents per share.
PHX Minerals has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The Zacks Consensus Estimate for PHX’s 2023 and 2024 earnings per share is pegged at 30 cents and 55 cents, respectively.
Enterprise Products reported first-quarter 2023 adjusted earnings per limited partner unit of 64 cents, which beat the Zacks Consensus Estimate of 62 cents. This was primarily due to higher contributions from the Natural Gas Pipelines & Services business.
In the first quarter, Enterprise Products generated an adjusted free cash flow of $1,347 million against a negative free cash flow of $1,618 million in the year-ago quarter. EPD recorded a distributable cash flow of $863 million in the same time frame.