Statoil (OL:STL) ASA (NYSE:STO) has completed the earlier announced sale of some of its U.S. acreage to EQT Corporation (NYSE:EQT) .
The Norwegian oil giant sold its non-core operated assets in West Virginia to EQT Corp. The divestment deal covers a net acreage of about 62,500. In the first quarter of 2016, equity production from the asset was 9,300 barrels of oil equivalent per day.
However, Statoil continues to hold its operated properties in Ohio and its non-operated Marcellus positions.
Statoil is a Norway-based major international integrated oil and gas company. It is gaining momentum with the start-up of operations on several new oil and gas fields. The company is also planning turnarounds on multiple oil and gas fields in 2016 to improve recovery of resources in mature fields. Moreover, Statoil’s exit from low-profit operations and expansion of its international asset base hold promise. Statoil's has an impressive track record of delivering strong exploration results. Several high impact discoveries continue to add significantly to its resource base.
Statoil’s endeavors to improve recovery of resources in mature fields are commendable. The company has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the Norwegian Continental Shelf (NCS). We believe that Statoil is well positioned to sustain steady production growth over the next few years on the back of its large resource base at NCS.
Statoil carries a Zacks Rank #3 (Hold). Other well-ranked players from the energy sector are Chevron Corp (NYSE:CVX) and ReneSola Ltd. (NYSE:SOL) . Both of these stocks sport a Zacks Rank #1 (Strong Buy).
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