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Noble (NE) and Petronas Extend Contract, Agree to Rig Swap
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Noble Corporation PLC (NE - Free Report) , an offshore driller, entered into a rig swap agreement with Petronas Suriname E&P, a subsidiary of Malaysian energy company Petronas. Per the terms of the deal, based on an existing contract option, the 7th generation drillship, Noble Voyager, will undertake the drilling of one well in Block 52, offshore Suriname.
As agreed upon by both parties, the work will entail the transfer of the drillship Noble Voyager from Noble Discoverer, which was originally assigned for the contract.
The extended contract is scheduled to begin in February 2024 and is set to continue for 120 days. While the day rate has been fixed at $470,000, the two parties have also agreed to include a new one-well option in the deal.
In order to prepare for this extended contract, the Noble Voyager has now moved to the Port of Spain, Trinidad and Tobago, following the completion of its contract with Shell, offshore Mauritania.
A prominent offshore drilling contractor, Noble boasts one of the most advanced and versatile fleets in the oil and gas space. Its rigs primarily target ultra-deepwater and high-specification jackup drilling opportunities worldwide.
Sunoco LP (SUN - Free Report) is one of the largest independent distributors of motor fuels to customers across the United States. Sunoco’s current annual dividend yield is 5.84% compared with the Composite average of 4.63%.
Murphy USA (MUSA - Free Report) is a leading retailer of motor fuel products and convenience merchandise. MUSA’s earnings beat the Zacks Consensus Estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 7.04%.
Western Midstream Partners, LP (WES - Free Report) has a profitable portfolio of midstream assets. The midstream operator completed its acquisition of Meritage in the Powder River Basin, making WES the largest gathering and processing operator in the region. WES shows a noticeable increase in total throughput for natural gas, crude oil and NGLs, and produced water propelled by new productions coming online and effective operational efficiency in the Delaware Basin.
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Noble (NE) and Petronas Extend Contract, Agree to Rig Swap
Noble Corporation PLC (NE - Free Report) , an offshore driller, entered into a rig swap agreement with Petronas Suriname E&P, a subsidiary of Malaysian energy company Petronas. Per the terms of the deal, based on an existing contract option, the 7th generation drillship, Noble Voyager, will undertake the drilling of one well in Block 52, offshore Suriname.
As agreed upon by both parties, the work will entail the transfer of the drillship Noble Voyager from Noble Discoverer, which was originally assigned for the contract.
The extended contract is scheduled to begin in February 2024 and is set to continue for 120 days. While the day rate has been fixed at $470,000, the two parties have also agreed to include a new one-well option in the deal.
In order to prepare for this extended contract, the Noble Voyager has now moved to the Port of Spain, Trinidad and Tobago, following the completion of its contract with Shell, offshore Mauritania.
A prominent offshore drilling contractor, Noble boasts one of the most advanced and versatile fleets in the oil and gas space. Its rigs primarily target ultra-deepwater and high-specification jackup drilling opportunities worldwide.
Zacks Ranks and Key Picks
Currently, Noble carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might want to look at some better-ranked stocks like Sunoco LP (SUN - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Western Midstream Partners LP (WES - Free Report) . Sunoco LP (SUN - Free Report) sports a Zacks Rank #1 (Strong Buy) at present, whereas Western Midstream Partners, LP (WES - Free Report) and Murphy USA (MUSA - Free Report) carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco LP (SUN - Free Report) is one of the largest independent distributors of motor fuels to customers across the United States. Sunoco’s current annual dividend yield is 5.84% compared with the Composite average of 4.63%.
Murphy USA (MUSA - Free Report) is a leading retailer of motor fuel products and convenience merchandise. MUSA’s earnings beat the Zacks Consensus Estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 7.04%.
Western Midstream Partners, LP (WES - Free Report) has a profitable portfolio of midstream assets. The midstream operator completed its acquisition of Meritage in the Powder River Basin, making WES the largest gathering and processing operator in the region. WES shows a noticeable increase in total throughput for natural gas, crude oil and NGLs, and produced water propelled by new productions coming online and effective operational efficiency in the Delaware Basin.