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BP p.l.c. (BP) - free report >>
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Schlumberger (SLB) Signs an Accord to Create Joint Venture
Schlumberger Limited (SLB - Free Report) has entered into an agreement with Aker Solutions and Subsea 7 to create a joint venture.
The initiative is to help clients unlock reserves and reduce cycle time while driving innovation and efficiency in subsea production. Subsea businesses of Schlumberger and Aker Solutions will get combined as a result of the proposed joint venture. The accord will finally assist the customers in reaching their decarbonization goals by merging a portfolio of innovative technologies like all-electric subsea production systems, subsea gas compression and other electrification capabilities.
In the joint venture, Schlumberger will have 70% interest, while Aker Solutions and Subsea 7 will own 20% and 10%, respectively. The agreement might close in the second half of 2023, depending upon regulatory approvals and other customary closing conditions.
Currently, Schlumberger carries a Zacks Rank #2 (Buy). Other prospective players in the energy space include BP plc (BP - Free Report) , EQT Corporation (EQT - Free Report) and Eni SpA (E - Free Report) . All the stocks carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The positive oil price trajectory is a boon for BP’s upstream operations. The favorable oil price scenario and increasing daily oil equivalent production volumes are aiding the energy giant’s bottom line. BP stated that the target of adding a net production of 900 thousand barrels of oil equivalent per day by 2021 from key new projects has been delivered.
In the core of gas-rich Marcellus and Utica Shales, EQT Corporation has a strong foothold. Being a leading producer of natural gas, EQT is benefiting from high natural gas price. For 2022, it is likely to witness earnings growth of 319.6%.
Eni is expecting the discovery of 700 million barrels of oil equivalent (BoE) of new exploration resources this year, suggesting an improvement from the prior guidance of 600 million BoE. For 2022, Eni is likely to witness earnings growth of 165.9%.