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Equinor (EQNR) Resumes Oil Production in North Sea Oilfield

By Zacks Investment ResearchStock MarketsNov 15, 2021 10:29PM ET
Equinor (EQNR) Resumes Oil Production in North Sea Oilfield
By Zacks Investment Research   |  Nov 15, 2021 10:29PM ET
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Equinor ASA (NYSE:EQNR) EQNR resumed oil production at its Johan Sverdrup oilfield in the North Sea after a power outage caused a brief shut down of the oilfield.

Johan Sverdrup, the third-largest oilfield on the Norwegian Continental Shelf, was shut down last week due to a failure in the onshore power system, which supplies the Sverdrup platform.

Equinor restored the power supply and the full oil production at the Johan Sverdrup oilfield. In recent months, production at the Sverdrup oilfield increased to 535,000 barrels per day, making it by far the most prolific oil field in Norway. Equinor operates the field with a 42.6% ownership interest.

Unlike many oilfields that use natural gas and diesel generators to conduct operations, Sverdrup is classified among the Norwegian oilfields that are powered from shore. This makes Sverdrup one of the world's most carbon-efficient oilfields, with a lower carbon-emission impact per barrel.

The Sverdrup offshore platform is connected to shore through a 200-kilometer cable from the Mongstad terminal in Norway. It cannot normally produce without the power supplied from shore. Notably, emergency power generation services are available to fulfill the essential requirements.

Crude oil from the field is exported from the Mongstad offshore terminal. Per Argus, Johan Sverdrup exports are scheduled at 550,000 barrels per day this month and 535,000 barrels per day in December.

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 20.4% compared with the industry's 8.9% growth.

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Zacks Rank & Other Stocks to Consider

Equinor currently flaunts a Zack Rank #1 (Strong Buy).

Some other top-ranked players in the energy space are Chevron Corporation (NYSE:CVX) CVX, Phillips 66 (NYSE:PSX) PSX and ConocoPhillips (NYSE:COP) COP, each currently sporting a Zacks Rank #1. You can see the complete list of today's Zacks #1 Rank stocks here.

San Ramon, CA-based Chevron is one of the largest publicly traded oil and gas companies in the world, with operations spanning almost every corner of the globe. CVX participates in every aspect related to energy, from oil production to refining and marketing. As of 2020 end, Chevron proved reserves of 11.1 billion barrels of oil equivalent.

In the past three months, shares of Chevron have gained 17.6% compared with the industry's growth of 16.3%. In the past 60 days, the Zacks Consensus Estimate for CVX's 2021 earnings has been raised 23.4%. In third-quarter 2021, CVX recorded $8.6 billion in cash flow from operations, more than doubling from $3.5 billion a year ago. The soaring cash flow could be attributed to strong price realizations in the upstream business.

Phillips 66 is the leading player in each of its operations like refining, chemicals and midstream in terms of size, efficiency and strengths. PSX's operations include processing, transportation, storing, and marketing fuels and products worldwide. Phillips 66 is currently valued at $33.9 billion and offers a quarterly dividend of 92 cents.

PSX is projected to see a year-over-year earnings surge of 76.5% in 2021. It has witnessed three upward revisions in the past 30 days. Phillips 66 beat the Zacks Consensus Estimate thrice in the last four quarters and missed once, ending with an earnings surprise of 19.66%, on average. As of Sep 30, 2021, the partnership recorded cash and cash equivalents of $71 million, up from the second quarter’s $2 million.

Based in Houston, TX, ConocoPhillips is one of the world's largest independent oil and gas producers. COP has a strong presence across conventional and unconventional plays in 16 countries. Notably, ConocoPhillips ended 2020 with proved reserves of 4.5 billion barrels of oil equivalent (BOE) and a reserve replacement ratio of 86%. By 2020, the upstream energy player produced 1,127 thousand BOE per day, comprising more than 50.4% oil.

In the past three months, shares of ConocoPhillips have gained 34.2% compared with the industry's growth of 31.5%. In the past 60 days, the Zacks Consensus Estimate for COP's 2021 earnings has been raised by 23.8%. COP is currently valued at $95.9 billion and offers a quarterly dividend of 46 cents.

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Equinor (EQNR) Resumes Oil Production in North Sea Oilfield

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Equinor (EQNR) Resumes Oil Production in North Sea Oilfield

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