We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Baker Hughes (BKR) Fuels Saudi Arabia's Gas Infrastructure
Read MoreHide Full Article
Baker Hughes Company (BKR - Free Report) ), a leading energy technology company, has secured a substantial contract to supply gas technology equipment for the third phase of Saudi Arabia’s Master Gas System project. This latest development marks a significant step forward in the Kingdom's efforts to enhance its energy infrastructure and reduce carbon emissions.
Advancing Gas Distribution Infrastructure
Baker Hughes has been entrusted by Worley, acting on behalf of Aramco, to provide essential equipment for the Master Gas System project. The company's role includes supplying 17 pipeline centrifugal compressors driven by state-of-the-art aeroderivative gas turbines. These compressors are crucial components for the new 4,000-kilometer pipeline, which is set to bolster the distribution of gas across Saudi Arabia.
Building on Past Success
This recent award builds upon Baker Hughes' successful engagement in Phases 1 and 2 of the Master Gas System Project. In those phases, the company delivered 18 centrifugal compressors driven by aeroderivative gas turbines, demonstrating its expertise and reliability in executing complex gas infrastructure projects.
Supporting Saudi Arabia's Energy Transition Goals
The Master Gas System Phase 3 project aligns with Saudi Arabia's ambitious energy transition objectives. By expanding gas distribution infrastructure, the Kingdom aims to reduce its reliance on oil consumption and decrease carbon emissions. Baker Hughes' involvement highlights its commitment to advancing the efficient utilization of natural gas and facilitating the transition to cleaner energy sources.
Statement from Baker Hughes Leadership
Lorenzo Simonelli, chairman and CEO of Baker Hughes, emphasized the company's dedication to its partnership with Aramco and its contribution to emissions reduction efforts. Simonelli expressed that Baker Hughes has been a reliable ally in natural gas operations for more than three decades. He highlighted the enduring collaboration with Aramco, emphasizing its role in emission reduction through the transition to gas.
Investment in Local Infrastructure
In addition to its role in the Master Gas System Phase 3 project, Baker Hughes is investing in expanding its manufacturing site in Modon, Saudi Arabia. This initiative involves doubling the capacity of its workforce and enhancing the facility to support the delivery of projects within the country. The upgraded site will offer localized testing and packaging solutions, further strengthening Baker Hughes' presence and capabilities in the region.
Hess operates primarily in two areas — the Bakken shale and the Stabroek project offshore Guyana. It is currently in the process of being acquired by supermajor Chevron in an all-stock deal worth $53 billion. HES has a Growth Score of B at present.
The Zacks Consensus Estimate for 2024 and 2025 EPS is pegged at $9.17 and $11.08, respectively. The company has witnessed upward earnings estimate revisions for 2024 in the past seven days.
EOG Resources, an oil and gas exploration company, boasts attractive growth prospects, top-tier returns, and a disciplined management team, leveraging highly productive acreages in prime oil shale plays like the Permian and Eagle Ford.
The Zacks Consensus Estimate for EOG’s 2024 EPS is pegged at $12.14. The company has a Zacks Style Score of B for Value and Growth each. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Valero Energy is a premier refining player with a presence across North America and the Caribbean. Its diverse network favors robust refining margins, utilizing cost-effective crude for more than half of its needs.
The Zacks Consensus Estimate for VLO’s 2024 EPS is pegged at $18.02. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Baker Hughes (BKR) Fuels Saudi Arabia's Gas Infrastructure
Baker Hughes Company (BKR - Free Report) ), a leading energy technology company, has secured a substantial contract to supply gas technology equipment for the third phase of Saudi Arabia’s Master Gas System project. This latest development marks a significant step forward in the Kingdom's efforts to enhance its energy infrastructure and reduce carbon emissions.
Advancing Gas Distribution Infrastructure
Baker Hughes has been entrusted by Worley, acting on behalf of Aramco, to provide essential equipment for the Master Gas System project. The company's role includes supplying 17 pipeline centrifugal compressors driven by state-of-the-art aeroderivative gas turbines. These compressors are crucial components for the new 4,000-kilometer pipeline, which is set to bolster the distribution of gas across Saudi Arabia.
Building on Past Success
This recent award builds upon Baker Hughes' successful engagement in Phases 1 and 2 of the Master Gas System Project. In those phases, the company delivered 18 centrifugal compressors driven by aeroderivative gas turbines, demonstrating its expertise and reliability in executing complex gas infrastructure projects.
Supporting Saudi Arabia's Energy Transition Goals
The Master Gas System Phase 3 project aligns with Saudi Arabia's ambitious energy transition objectives. By expanding gas distribution infrastructure, the Kingdom aims to reduce its reliance on oil consumption and decrease carbon emissions. Baker Hughes' involvement highlights its commitment to advancing the efficient utilization of natural gas and facilitating the transition to cleaner energy sources.
Statement from Baker Hughes Leadership
Lorenzo Simonelli, chairman and CEO of Baker Hughes, emphasized the company's dedication to its partnership with Aramco and its contribution to emissions reduction efforts. Simonelli expressed that Baker Hughes has been a reliable ally in natural gas operations for more than three decades. He highlighted the enduring collaboration with Aramco, emphasizing its role in emission reduction through the transition to gas.
Investment in Local Infrastructure
In addition to its role in the Master Gas System Phase 3 project, Baker Hughes is investing in expanding its manufacturing site in Modon, Saudi Arabia. This initiative involves doubling the capacity of its workforce and enhancing the facility to support the delivery of projects within the country. The upgraded site will offer localized testing and packaging solutions, further strengthening Baker Hughes' presence and capabilities in the region.
Continued Innovation in Energy Solutions
Baker Hughes' involvement in the Master Gas System Phase 3 project is part of its broader commitment to innovation in energy solutions. In January, the company announced the delivery of advanced hydrogen compression solutions for the NEOM green hydrogen project, positioning itself at the forefront of the transition to sustainable energy systems.
Zacks Rank & Key Picks
Currently, Baker Hughes carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Hess Corporation (HES - Free Report) , EOG Resources Inc. (EOG - Free Report) and Valero Energy Corporation (VLO - Free Report) . While Hess sports a Zacks Rank #1 (Strong Buy), EOG Resources and Valero Energy carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Hess operates primarily in two areas — the Bakken shale and the Stabroek project offshore Guyana. It is currently in the process of being acquired by supermajor Chevron in an all-stock deal worth $53 billion. HES has a Growth Score of B at present.
The Zacks Consensus Estimate for 2024 and 2025 EPS is pegged at $9.17 and $11.08, respectively. The company has witnessed upward earnings estimate revisions for 2024 in the past seven days.
EOG Resources, an oil and gas exploration company, boasts attractive growth prospects, top-tier returns, and a disciplined management team, leveraging highly productive acreages in prime oil shale plays like the Permian and Eagle Ford.
The Zacks Consensus Estimate for EOG’s 2024 EPS is pegged at $12.14. The company has a Zacks Style Score of B for Value and Growth each. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Valero Energy is a premier refining player with a presence across North America and the Caribbean. Its diverse network favors robust refining margins, utilizing cost-effective crude for more than half of its needs.
The Zacks Consensus Estimate for VLO’s 2024 EPS is pegged at $18.02. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.