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.
Equinor (EQNR) Acquires Interest in Petrobras' Roncador Field
Read MoreHide Full Article
Equinor ASA (EQNR - Free Report) completed the acquisition of a non-operated interest of 25% in the Roncador oil field, operated by Petrobras (PBR - Free Report) , in Brazil’s Campos Basin. The acquisition of the interest was announced in December 2017.
Considering the equity volumes produced since Jan 1, 2018 and the deposit paid upon the signing of the transaction, Equinor paid Petrobras $2 billion as adjusted cash. An additional contingent payment of about $550 million associated with investments in projects to boost recovery from the field is yet to be paid.
Equinor’s interest in Roncador, the third largest producing field in Brazil, has augmented its equity production by around 150% to almost 100,000 barrels of oil equivalent (boe) per day in Brazil, up from around 40,000 boe per day. Petrobras will continue as the operator of Roncador with an interest of 75%.
The acquisition is part of Equinor’s strategic partnership with Petrobras to increase technical collaboration. Factors like Increased Oil Recovery (IOR) technology, competence and experience from the Norwegian Continental Shelf (NCS)will be leveraged by Equinor. Petrobras will utilize its experience as the world’s largest deepwater operator and pre-salt developer to maximize value creation from the longevity of the Roncador field. Currently, Equinor is on track to fortify presence in the natural gas market in Brazil.
The companies are aiming to boost Roncador’s recovery factor by five percentage points, increasing the total outstanding recoverable volumes to more than 1.5 billion boe from 1 billion boe.
Price Performance
In the past three months, Equinor’s shares have gained 16.7% compared with the industry’s 13.2% rise.
Zacks Rank & Other Key Picks
Equinor currently sports a Zacks Rank #1 (Strong Buy).
Occidental Petroleum is an international oil and gas exploration and production company. It pulled off an average positive earnings surprise of 30.2% in the last four quarters.
Sinopec is one of the largest petroleum and petrochemical companies in Asia. The company delivered an average positive earnings surprise of 492.8% in the last four quarters.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
Equinor (EQNR) Acquires Interest in Petrobras' Roncador Field
Equinor ASA (EQNR - Free Report) completed the acquisition of a non-operated interest of 25% in the Roncador oil field, operated by Petrobras (PBR - Free Report) , in Brazil’s Campos Basin. The acquisition of the interest was announced in December 2017.
Considering the equity volumes produced since Jan 1, 2018 and the deposit paid upon the signing of the transaction, Equinor paid Petrobras $2 billion as adjusted cash. An additional contingent payment of about $550 million associated with investments in projects to boost recovery from the field is yet to be paid.
Equinor’s interest in Roncador, the third largest producing field in Brazil, has augmented its equity production by around 150% to almost 100,000 barrels of oil equivalent (boe) per day in Brazil, up from around 40,000 boe per day. Petrobras will continue as the operator of Roncador with an interest of 75%.
The acquisition is part of Equinor’s strategic partnership with Petrobras to increase technical collaboration. Factors like Increased Oil Recovery (IOR) technology, competence and experience from the Norwegian Continental Shelf (NCS)will be leveraged by Equinor. Petrobras will utilize its experience as the world’s largest deepwater operator and pre-salt developer to maximize value creation from the longevity of the Roncador field. Currently, Equinor is on track to fortify presence in the natural gas market in Brazil.
The companies are aiming to boost Roncador’s recovery factor by five percentage points, increasing the total outstanding recoverable volumes to more than 1.5 billion boe from 1 billion boe.
Price Performance
In the past three months, Equinor’s shares have gained 16.7% compared with the industry’s 13.2% rise.
Zacks Rank & Other Key Picks
Equinor currently sports a Zacks Rank #1 (Strong Buy).
A few other top-ranked players in the same sector are Occidental Petroleum Corp. (OXY - Free Report) , and China Petroleum and Chemical Corp. . These stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum is an international oil and gas exploration and production company. It pulled off an average positive earnings surprise of 30.2% in the last four quarters.
Sinopec is one of the largest petroleum and petrochemical companies in Asia. The company delivered an average positive earnings surprise of 492.8% in the last four quarters.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>