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.
Chevron (CVX) Seeks Clearance for Namibian Offshore Drilling
Read MoreHide Full Article
Chevron Corporation (CVX - Free Report) has submitted an application to Namibian regulatory authorities for an environmental clearance certificate, signaling the energy giant's intent to undertake oil and gas exploration activities in the Orange Basin offshore Namibia, as reported by Oil & Gas Journal on Tuesday.
According to the report, the application, if approved, would pave the way for Chevron to undertake exploration work in Petroleum Exploration License (PEL) 90, specifically on Block 2813B. Sintana Energy Inc., a key stakeholder in the venture through its investment in InterOil, announced on Nov 27 that the environmental clearance certificate would cover the drilling of up to five exploration wells and five appraisal wells.
The proposed commencement date for these activities is set for the fourth quarter of 2024.
The specific geographic focus of this endeavor is Block 2813B, which is governed by PEL 90 and situated in the Orange Basin offshore Namibia. CVX's strategic move into the Namibian offshore region aligns with broader industry trends, highlighting the potential for significant hydrocarbon discoveries.
Zacks Rank & Key Picks
Chevron currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While Matador Resources sports a Zacks Rank #1 (Strong Buy), Liberty Energy and Oceaneering International carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Shutterstock
Chevron (CVX) Seeks Clearance for Namibian Offshore Drilling
Chevron Corporation (CVX - Free Report) has submitted an application to Namibian regulatory authorities for an environmental clearance certificate, signaling the energy giant's intent to undertake oil and gas exploration activities in the Orange Basin offshore Namibia, as reported by Oil & Gas Journal on Tuesday.
According to the report, the application, if approved, would pave the way for Chevron to undertake exploration work in Petroleum Exploration License (PEL) 90, specifically on Block 2813B. Sintana Energy Inc., a key stakeholder in the venture through its investment in InterOil, announced on Nov 27 that the environmental clearance certificate would cover the drilling of up to five exploration wells and five appraisal wells.
The proposed commencement date for these activities is set for the fourth quarter of 2024.
The specific geographic focus of this endeavor is Block 2813B, which is governed by PEL 90 and situated in the Orange Basin offshore Namibia. CVX's strategic move into the Namibian offshore region aligns with broader industry trends, highlighting the potential for significant hydrocarbon discoveries.
Zacks Rank & Key Picks
Chevron currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While Matador Resources sports a Zacks Rank #1 (Strong Buy), Liberty Energy and Oceaneering International carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.