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Equinor (EQNR) Strengthens Its European Presence With Gas Deal
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Equinor ASA (EQNR - Free Report) , the Norwegian energy giant, entered into a new long-term gas sales agreement with Austria's major energy player, OMV. This bilateral agreement, spanning a period of five years starting Oct 1, 2023, marks a crucial step in reinforcing the energy security and stability of the region.
The agreement stipulates an annual volume of 12 Terawatt-hours (TWh) of natural gas, which will be supplied through Germany's virtual trading hub, Trading Hub Europe, for integration into OMV's extensive European portfolio. This move not only complements the existing partnership between Equinor and OMV, but also adds to the volume under pre-existing contracts. Although specific financial details have not been disclosed, the pricing of the contract is set at market terms, ensuring a mutually beneficial arrangement for both parties.
According to Helge Haugane, Equinor's senior vice president of Gas & Power, the company is committed to being a dependable, long-term supplier of natural gas to Europe. He added that there has been a growing interest in bilateral contracts from customers who view Norwegian gas as a key factor in both enhancing energy security and driving the energy transition.
By securing a substantial volume of natural gas through this agreement, OMV is poised to enhance its energy security, safeguarding against potential disruptions in the global energy market. This move aligns with a broader trend in the European energy sector, where companies are increasingly prioritizing stability and resilience in their energy supply chains. Equinor's reliable and steady gas supply is crucial in fulfilling Europe's energy demands, especially as the continent aims to broaden its energy supply base.
Range Resources is among the top 10 natural gas producers in the United States with a diversified asset portfolio spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. RRC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.
Helix Energy Solutionsis an international offshore energy company that provides specialty services to the offshore energy industry, with a focus on its growing well intervention and robotic operations. HLX has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 60 days.
Core Laboratories’ strong presence in the emerging shale plays and its global footprint will provide for steady growth rates going forward. CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. It has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
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Equinor (EQNR) Strengthens Its European Presence With Gas Deal
Equinor ASA (EQNR - Free Report) , the Norwegian energy giant, entered into a new long-term gas sales agreement with Austria's major energy player, OMV. This bilateral agreement, spanning a period of five years starting Oct 1, 2023, marks a crucial step in reinforcing the energy security and stability of the region.
The agreement stipulates an annual volume of 12 Terawatt-hours (TWh) of natural gas, which will be supplied through Germany's virtual trading hub, Trading Hub Europe, for integration into OMV's extensive European portfolio. This move not only complements the existing partnership between Equinor and OMV, but also adds to the volume under pre-existing contracts. Although specific financial details have not been disclosed, the pricing of the contract is set at market terms, ensuring a mutually beneficial arrangement for both parties.
According to Helge Haugane, Equinor's senior vice president of Gas & Power, the company is committed to being a dependable, long-term supplier of natural gas to Europe. He added that there has been a growing interest in bilateral contracts from customers who view Norwegian gas as a key factor in both enhancing energy security and driving the energy transition.
By securing a substantial volume of natural gas through this agreement, OMV is poised to enhance its energy security, safeguarding against potential disruptions in the global energy market. This move aligns with a broader trend in the European energy sector, where companies are increasingly prioritizing stability and resilience in their energy supply chains. Equinor's reliable and steady gas supply is crucial in fulfilling Europe's energy demands, especially as the continent aims to broaden its energy supply base.
Zacks Rank & Key Picks
Equinor currently carries a Zack Rank #4 (Sell).
Some better-ranked players in the energy sector are Range Resources Corporation (RRC - Free Report) and Helix Energy Solutions Group, Inc. (HLX - Free Report) , both currently sporting a Zacks Rank #1 (Strong Buy), and Core Laboratories Inc (CLB - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources is among the top 10 natural gas producers in the United States with a diversified asset portfolio spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. RRC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.
Helix Energy Solutionsis an international offshore energy company that provides specialty services to the offshore energy industry, with a focus on its growing well intervention and robotic operations. HLX has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 60 days.
Core Laboratories’ strong presence in the emerging shale plays and its global footprint will provide for steady growth rates going forward. CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. It has witnessed an upward earnings estimate revision for 2024 in the past 60 days.