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Baker Hughes (BKR) to Supply Equipment for Driftwood Project
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Baker Hughes Company (BKR - Free Report) entered into an agreement with Tellurian Inc. (TELL - Free Report) to supply refrigerant compression packages for the Driftwood Liquefied Natural Gas (“LNG”) project in Louisiana.
Baker Hughes will supply eight LM6000PF+ gas turbines, main refrigerant compressors and control units for the first phase of the Driftwood LNG project.
Upon completion, Driftwood’s Phase 1 will involve two LNG facilities with a combined export capacity of 11 million tons per year. Baker Hughes’ technology will help Driftwood LNG achieve initial LNG production in 2027.
Driftwood LNG will have the capacity to export up to 27.6 million tons of LNG per annum. Once online, Driftwood LNG is expected to become one of the low-cost LNG production projects globally.
Baker Hughes is expected to complete fabricating the electric-powered integrated compressor line (ICL) packages and other turbomachinery equipment for the Driftwood Pipeline’s Line 200 by early 2024. This marks the first time Baker Hughes would install its ICL decarbonization technology for pipeline compression in North America.
Bechtel Energy is the engineering, procurement and construction contractor for the first phase of the Driftwood LNG terminal. Bechtel completed the piling and compressor foundations for Plant 1 of the Driftwood LNG project.
Tellurian develops low-cost LNG projects. The company owns and operates natural gas liquefaction and storage facilities and loading terminals. Notably, the firm expects the development costs for the first phase of its Driftwood LNG export plant to reach $14.5 billion.
Baker Hughes is recognized as an industry leader in the LNG space. BKR expects growth in LNG demand to extend for several years, with a pipeline of international opportunities expanding project visibility out to 2026 and beyond. Notably, BKR’s reliable technology solution will support LNG production in the United States.
Price Performance
Shares of Baker Hughes have outperformed the industry in the past six months. The stock has gained 23.7% compared with the industry’s 17.7% growth.
USA Compression Partners is one of the largest independent natural gas compression services providers across the United States in terms of fleet horsepower.
USA Compression Partners has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for USAC’s 2023 and 2024 earnings per share is pegged at 30 cents and 58 cents, respectively.
Eni SpA, based in Rome, Italy, is among the leading integrated energy players in the world.The company announced a share buyback plan of €2.2 billion for the year, which commenced in May. It intends to return 25-30% of annual cash flow to shareholders.
Eni has witnessed upward earnings estimate revision for 2023 and 2024 in the past 30 days. The consensus estimate for E’s 2023 and 2024 earnings per share is pegged at $5.19 and $4.99, respectively.
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Baker Hughes (BKR) to Supply Equipment for Driftwood Project
Baker Hughes Company (BKR - Free Report) entered into an agreement with Tellurian Inc. (TELL - Free Report) to supply refrigerant compression packages for the Driftwood Liquefied Natural Gas (“LNG”) project in Louisiana.
Baker Hughes will supply eight LM6000PF+ gas turbines, main refrigerant compressors and control units for the first phase of the Driftwood LNG project.
Upon completion, Driftwood’s Phase 1 will involve two LNG facilities with a combined export capacity of 11 million tons per year. Baker Hughes’ technology will help Driftwood LNG achieve initial LNG production in 2027.
Driftwood LNG will have the capacity to export up to 27.6 million tons of LNG per annum. Once online, Driftwood LNG is expected to become one of the low-cost LNG production projects globally.
Baker Hughes is expected to complete fabricating the electric-powered integrated compressor line (ICL) packages and other turbomachinery equipment for the Driftwood Pipeline’s Line 200 by early 2024. This marks the first time Baker Hughes would install its ICL decarbonization technology for pipeline compression in North America.
Bechtel Energy is the engineering, procurement and construction contractor for the first phase of the Driftwood LNG terminal. Bechtel completed the piling and compressor foundations for Plant 1 of the Driftwood LNG project.
Tellurian develops low-cost LNG projects. The company owns and operates natural gas liquefaction and storage facilities and loading terminals. Notably, the firm expects the development costs for the first phase of its Driftwood LNG export plant to reach $14.5 billion.
Baker Hughes is recognized as an industry leader in the LNG space. BKR expects growth in LNG demand to extend for several years, with a pipeline of international opportunities expanding project visibility out to 2026 and beyond. Notably, BKR’s reliable technology solution will support LNG production in the United States.
Price Performance
Shares of Baker Hughes have outperformed the industry in the past six months. The stock has gained 23.7% compared with the industry’s 17.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
BKR currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy sector are USA Compression Partners, LP (USAC - Free Report) and Eni SpA (E - Free Report) . Each of these companies currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners is one of the largest independent natural gas compression services providers across the United States in terms of fleet horsepower.
USA Compression Partners has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for USAC’s 2023 and 2024 earnings per share is pegged at 30 cents and 58 cents, respectively.
Eni SpA, based in Rome, Italy, is among the leading integrated energy players in the world.The company announced a share buyback plan of €2.2 billion for the year, which commenced in May. It intends to return 25-30% of annual cash flow to shareholders.
Eni has witnessed upward earnings estimate revision for 2023 and 2024 in the past 30 days. The consensus estimate for E’s 2023 and 2024 earnings per share is pegged at $5.19 and $4.99, respectively.