Baker Hughes (BKR) and BP Collaborate on Flare Emissions
Baker Hughes Company (BKR), a leading energy technology company, announced a significant advancement in flare emissions monitoring through a collaborative effort with BP plc BP.
BP, a leading player in the energy sector, has adopted Baker Hughes' flare.IQ technology to precisely quantify methane emissions from its flaring operations. This adoption marks a pioneering application within the upstream oil and gas industry, addressing the pressing need for accurate monitoring and reduction of emissions.
Traditionally, quantifying methane emissions from flares has posed challenges due to the absence of universally accepted methodologies. To address this, BP and Baker Hughes embarked on one of the largest full-scale studies of flare combustion. This comprehensive study involved rigorous testing of various flare types under diverse conditions, validating the accuracy and efficacy of the flare.IQ technology.
Leveraging real-time data obtained from flare.IQ deployed across 65 flares spanning seven regions, BP can proactively implement interventions to curtail emissions from flaring activities. This capability aligns with the company’s commitment to reducing its environmental footprint and advancing toward sustainable energy practices.
Fawaz Bitar, BP's senior vice president of Health Safety Environment & Carbon, emphasized the significance of collaborative efforts in tackling industry challenges. He highlighted the pivotal role played by Baker Hughes in advancing technology and implementing methane quantification solutions, thereby aiding BP in achieving its environmental objectives.
Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes, highlighted the importance of technological innovation in addressing the energy trilemma of security, sustainability and affordability. He expressed pride in the company’s collaboration with BP, emphasizing the role of such partnerships in testing and validating field solutions for emission reduction, efficiently and economically.
Part of Baker Hughes' Panametrics product line portfolio, flare.IQ leverages four decades of ultrasonic flare metering technology expertise. Its advanced analytics platform empowers operators with critical insights into flare systems, enabling them to optimize combustion efficiency and minimize emissions effectively.
Moreover, flare.IQ facilitates emissions reporting in real-time, ensuring compliance with industry standards such as OGMP 2.0 level 4. In addition to flare.IQ, Baker Hughes boasts a comprehensive portfolio of emission abatement technologies designed to enhance productivity, efficiency and value across customer operations.
Zacks Rank & Key Picks
Currently, Baker Hughes carries a Zack Rank #3 (Hold).
A couple of better-ranked stocks in the energy sector are Sunoco LP SUN and Murphy USA Inc. MUSA, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.89. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
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