Baker Hughes (BKR) Wins Contract to Supply Gas Tech Equipment
Baker Hughes Company BKR has been awarded a major contract to supply equipment to Venture Global, which will be utilized in the latter’s projects in the United States.
Per the contract, Baker Hughes will provide a modularized liquefied natural gas (“LNG”) liquefaction train system and a power island. The contract will be booked in the third quarter of 2023.
The contract was awarded as part of a master equipment supply agreement between Venture Global and Baker Hughes. The agreement covers a production capacity of more than 100 million tons per annum (MTPA), a significant increase from the previous 70 MTPA capacity.
The oilfield service company previously collaborated with Venture Global by supplying technology and equipment for two of Venture Global’s production sites in Louisiana, namely Calcasieu Pass and Plaquemines LNG.
Baker Hughes has been a reliable partner in natural gas operations, with more than 30 years of experience. The company’s expertise has been instrumental in the recent upswing in the LNG market. The expanded collaboration with Venture Global reaffirms that Baker Hughes’ technologies continue to play a crucial role in advancing the efficient utilization of natural gas.
Compared to other fossil fuels, LNG has a lower carbon footprint. The continuing demand for LNG underscores the crucial role that natural gas will assume in the energy transition, contributing to the secure supply needed to achieve net-zero emissions.
Baker Hughes’ turbomachinery is pivotal in the operations of approximately 60 LNG plants worldwide, including those under construction. These plants collectively drive more than 450 million tons per annum of globally installed LNG capacity.
Zacks Rank & Stocks to Consider
BKR currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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 30 days. The consensus estimate for PXD’s 2023 and 2024 earnings per share is pinned at $20.85 and $24.75, respectively.
SM Energy Company SM is an independent oil and gas company that explores, exploits, develops, acquires, and produces oil and gas in North America. SM's strong cash generation places it in a better financial position, allowing for investments in dividends, debt reduction and future growth.
SM Energy has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for SM’s 2023 and 2024 earnings per share is pegged at $5.66 and $6.81, 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 $6.36 and $8.56, respectively.
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Pioneer Natural Resources Company (PXD) : Free Stock Analysis Report
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