Baker Hughes (BKR) Completes Well Testing for Wells2Watts
Baker Hughes Company BKR carried out well testing for a geothermal energy consortium, Wells2Watts.
The well will serve as a platform for simulating geothermal flow testing, expediting technology advancement and enabling the commercialization of geothermal energy as a consistent, baseline energy source.
Launched in December 2022, the Wells2Watts geothermal consortium focuses on retrofitting end-of-life wells for producing geothermal energy and renewable power.
In 2023, the test well underwent refurbishment with the backing of Wells2Watts consortium partners and technology providers. It will replicate a range of subsurface geothermal conditions, assess diverse well setups, confirm the accuracy of engineering performance models and enable field testing initiatives.
Baker Hughes is committed to providing accessible and cost-effective energy solutions to meet the increasing demand for geothermal energy. The partnership with Wells2Watts represents a crucial milestone in the advancement and deployment of geothermal energy.
The consortium intends to identify a pilot location to apply the insights gathered from the geothermal test well in 2024. The pilot project will provide valuable data regarding scalability, and the potential use of existing oil and gas infrastructure. Future testing may involve system improvements and new working fluids, such as supercritical carbon dioxide, within the well.
The consortium’s endeavors are focused on unlocking the potential of geothermal resources and making a meaningful contribution to a sustainable and reliable energy source for the future.
Based in Houston, TX, Baker Hughes is one of the world’s largest oilfield service providers. The company boasts a robust liquidity position, with a cash balance of $2.8 billion, more than sufficient to cover its short-term debt of $0.8 billion. This underscores the company's strong financial liquidity.
Baker Hughes currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners USAC is a leading energy infrastructure provider, which specializes in large-horsepower applications. The stability in cash flow for USA Compression Partners has enabled it to maintain a steady quarterly distribution of 52.50 cents since the second quarter of 2015.
USA Compression Partners has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for USAC’s 2023 and 2024 earnings per share is pegged at 31 cents and 59 cents, respectively.
Matador Resources Company MTDR is among the leading oil and gas explorers in the shale and unconventional resources in the United States. MTDR’s prime priorities include lowering debt, delivering free cashflows and maintaining or increasing dividends.
Matador Resources has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for MTDR’s 2023 and 2024 earnings per share is pegged at $6.40 and $8.67, respectively.
Pioneer Natural Resources Company PXD is an explorer and producer of oil, natural gas and natural gas liquid. The upstream energy player’s debt to capitalization has been persistently lower than the industry over the past few years, reflecting considerably lower debt exposure.
Pioneer has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for PXD’s 2023 and 2024 earnings per share is pinned at $21.35 and $25, respectively.
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USA Compression Partners, LP (USAC) : Free Stock Analysis Report
Baker Hughes Company (BKR) : Free Stock Analysis Report
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