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Equinor (EQNR) Announces Official Opening of Martin Linge
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Equinor ASA (EQNR - Free Report) announced the formal opening of the Martin Linge oil and gas field by the Norwegian Minister of Petroleum and Energy off Norway’s coast.
Martin Linge is Equinor’s first platform on the Norwegian Continental Shelf to be put on stream from shore. Equinor has a 70% ownership interest in the field, while Norway-based Petoro owns the rest.
In March 2018, Equinor assumed the operatorship of the Martin Linge field. Production from the field began last year and had been producing very efficiently since then.
Martin Linge has been an extremely challenging project to start production there. The field was developed with a capital budget of NOK 63 billion compared with NOK 31.5 billion planned earlier. With the current commodity price scenario, investments in the field will be fully recovered this year.
The field’s production system comprises a jacket-based integrated wellhead, production and accommodation platform along with a permanently-anchored oil storage vessel. Natural gas produced from the field will be carried through a new pipeline connected to the existing pipeline heading to St. Fergus in Scotland. The gas will be processed on the storage vessel and transported in shuttle tankers.
Martin Linge is expected to have recoverable resources of 260 million barrels of oil equivalent. At plateau, it is estimated to produce up to 115,000 barrels of oil equivalent, mainly gas and condensate. Notably, the field is expected to reach plateau production in 2022.
Martin Linge will be a significant contributor to Norway’s oil and gas production. Equinor expects to realize new discoveries in the future, which will make its production outlook bright.
Company Profile & Price Performance
Headquartered in Stavanger, Norway, Equinor is one of the leading integrated energy companies in the world.
Shares of EQNR have outperformed the industry in the past six months. The stock has gained 40.7% compared with the industry’s 33.2% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Equinor currently flaunts a Zack Rank #1 (Strong Buy).
Schlumberger Limited (SLB - Free Report) is the largest oilfield services player, with a presence in every energy market globally. Being the leading provider of technology for complex oilfield projects, Schlumberger is better positioned than most peers to take up new offshore projects in the shallow water basins outside North America.
Schlumberger is expected to see an earnings growth of 54.7% in 2022. SLB currently has a Zacks Style Score of A for Growth and B for Value. In fourth-quarter 2021, Schlumberger generated a free cash flow of $1.3 billion, despite its $22 million of severance payments through the December-end quarter.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. Murphy USA’s unique high-volume, low-cost business model helps it retain high profitability even in the fiercely competitive retail environment.
Murphy USA currently has a Zacks Style Score of A for Growth and B for Value. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. As part of this initiative, Murphy USA approved a new repurchase authorization of up to $1 billion that will commence once the existing $500-million authorization expires and be completed by Dec 31, 2026. The move underscores MUSA’s sound financial position and commitment to rewarding shareholders.
RPC, Inc. (RES - Free Report) is among the leading providers of advanced oilfield services and equipment to almost all prospective oil and gas plays in the United States. RPC derives strong and stable revenues via diverse oilfield services that include pressure pumping, coiled tubing and rental tools.
RPC is expected to see an earnings growth of 1,066.7% in 2022. With no debt load, RPC had cash and cash equivalents of $82.4 million at the fourth quarter-end. This reflects its strong balance sheet that will provide the company with massive financial flexibility. It allows RPC to remain afloat during tough times.
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Equinor (EQNR) Announces Official Opening of Martin Linge
Equinor ASA (EQNR - Free Report) announced the formal opening of the Martin Linge oil and gas field by the Norwegian Minister of Petroleum and Energy off Norway’s coast.
Martin Linge is Equinor’s first platform on the Norwegian Continental Shelf to be put on stream from shore. Equinor has a 70% ownership interest in the field, while Norway-based Petoro owns the rest.
In March 2018, Equinor assumed the operatorship of the Martin Linge field. Production from the field began last year and had been producing very efficiently since then.
Martin Linge has been an extremely challenging project to start production there. The field was developed with a capital budget of NOK 63 billion compared with NOK 31.5 billion planned earlier. With the current commodity price scenario, investments in the field will be fully recovered this year.
The field’s production system comprises a jacket-based integrated wellhead, production and accommodation platform along with a permanently-anchored oil storage vessel. Natural gas produced from the field will be carried through a new pipeline connected to the existing pipeline heading to St. Fergus in Scotland. The gas will be processed on the storage vessel and transported in shuttle tankers.
Martin Linge is expected to have recoverable resources of 260 million barrels of oil equivalent. At plateau, it is estimated to produce up to 115,000 barrels of oil equivalent, mainly gas and condensate. Notably, the field is expected to reach plateau production in 2022.
Martin Linge will be a significant contributor to Norway’s oil and gas production. Equinor expects to realize new discoveries in the future, which will make its production outlook bright.
Company Profile & Price Performance
Headquartered in Stavanger, Norway, Equinor is one of the leading integrated energy companies in the world.
Shares of EQNR have outperformed the industry in the past six months. The stock has gained 40.7% compared with the industry’s 33.2% growth.
Zacks Rank & Other Stocks to Consider
Equinor currently flaunts a Zack Rank #1 (Strong Buy).
Investors interested in the energy sector might also look at the following companies that presently sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Schlumberger Limited (SLB - Free Report) is the largest oilfield services player, with a presence in every energy market globally. Being the leading provider of technology for complex oilfield projects, Schlumberger is better positioned than most peers to take up new offshore projects in the shallow water basins outside North America.
Schlumberger is expected to see an earnings growth of 54.7% in 2022. SLB currently has a Zacks Style Score of A for Growth and B for Value. In fourth-quarter 2021, Schlumberger generated a free cash flow of $1.3 billion, despite its $22 million of severance payments through the December-end quarter.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. Murphy USA’s unique high-volume, low-cost business model helps it retain high profitability even in the fiercely competitive retail environment.
Murphy USA currently has a Zacks Style Score of A for Growth and B for Value. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. As part of this initiative, Murphy USA approved a new repurchase authorization of up to $1 billion that will commence once the existing $500-million authorization expires and be completed by Dec 31, 2026. The move underscores MUSA’s sound financial position and commitment to rewarding shareholders.
RPC, Inc. (RES - Free Report) is among the leading providers of advanced oilfield services and equipment to almost all prospective oil and gas plays in the United States. RPC derives strong and stable revenues via diverse oilfield services that include pressure pumping, coiled tubing and rental tools.
RPC is expected to see an earnings growth of 1,066.7% in 2022. With no debt load, RPC had cash and cash equivalents of $82.4 million at the fourth quarter-end. This reflects its strong balance sheet that will provide the company with massive financial flexibility. It allows RPC to remain afloat during tough times.