Equinor ASA (EQNR Quick QuoteEQNR - Free Report) received approval from Norwegian authorities for a drilling permit to conduct exploration activities in the North Sea off Norway.

One of Odfjell Drilling’s rigs is anticipated to be utilized for the upcoming drilling activities.

Equinor received a drilling permit for a wildcat well, 35/11-28 S, within production license 248 C. This license was initially awarded on Apr 9, 2013, and is valid until Jun 4, 2035.

Equinor is the operator of the license with a 30% ownership interest. Petoro and Wellesley Petroleum hold the remaining 40% and 30%, respectively.

The drilling of the well 35/11-28 S is scheduled to be carried out using the Deepsea Stavanger rig. In May 2021, Equinor entered a contract, securing the Deepsea Stavanger rig for a specified period covering the drilling of three wells.

Constructed in 2010, the Deepsea Stavanger rig represents a sixth-generation semi-submersible designed for deepwater and harsh environments, featuring an enhanced GVA 7500 design. With the capability to operate at water depths of up to 3,000 meters, the rig is equipped with eight mooring lines. It has a capacity to accommodate 157 individuals and boasts a drilling depth capability of 10,670 meters.

In August, Equinor received approval from the Norway offshore safety regulator to use a semi-submersible rig for production drilling at the North Sea field. The approval received involves production drilling activities, including plugging and abandonment operations. It also involves the completion of two wells, M-1 BH on Statfjord Ost and F-4 CH on Statfjord Nord.

Equinor’s endeavors to improve the recovery of resources in mature fields are commendable. The company has operations across all major hydrocarbon-producing regions of the world, with a strong focus on the Norwegian Continental Shelf.

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 sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

PBF Energy Inc. (PBF Quick QuotePBF - Free Report) reported third-quarter 2023 earnings of $6.61 per share, beating the Zacks Consensus Estimate of $4.86 per share. Better-than-expected quarterly results were primarily driven by lower costs and expenses.

Compared with composite stocks belonging to the industry, the leading upstream energy company’s debt-to-capitalization ratio has been consistently lower over the past few years. The company boasts a robust liquidity position, with a cash balance of $1.9 billion, which is more than sufficient to cover its long-term debt of $1.2 billion. This underscores the company’s strong financial liquidity.

Liberty Energy (LBRT Quick QuoteLBRT - Free Report) reported third-quarter 2023 earnings of 85 cents per share, which beat the Zacks Consensus Estimate of earnings of 74 cents per share. The Denver, CO-based oil and gas equipment company’s outperformance reflects the impacts of strong execution and increased service pricing.

Liberty’s board of directors announced a cash dividend of seven cents per common share, payable Dec 20, 2023, to stockholders of record as of Dec 6, 2023. This dividend reflects a 40% rise from the previous quarter’s level. As part of its shareholder return policy, LBRT repurchased shares worth $29 million at an average price of $16.38 per share.

Oceaneering International, Inc. (OII Quick QuoteOII - Free Report) reported third-quarter 2023 adjusted earnings of 38 cents per share, which beat the Zacks Consensus Estimate of earnings of 27 cents per share. OII’s outperformance was largely due to the robust results in certain segments.

For the fourth quarter of 2023, OII anticipates a decline in EBITDA on relatively flat revenues from the figure reported in the third quarter.