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Baker Hughes (BKR) Inks Turbomachinery Equipment Contract

Baker Hughes BKR recently entered into a deal with Santos.

Per the accord, Baker Hughes will be providing turbomachinery equipment for the Moomba Carbon Capture and Storage (CCS) project of Santos in Australia. While Baker Hughes is an energy technology player, Santos is a well-known name in Australia as a leading producer of natural gas.

While serving a gas processing plant, the project will also permanently store 1.7 million tonnes of carbon dioxide energy year in onshore natural gas reservoirs in South Australia’s Cooper Basin. In order to compress the carbon dioxide, Baker Hughes will provide compressor, gas turbine and heat recovery steam generator (HRSG) technologies.

With the employment of Baker Hughes’ advanced turbomachinery technology, Santos will be able to decarbonize natural gas. The project will also aid Santos in utilizing stored carbon dioxide for producing hydrogen fuel.

The project demonstrates how aggressively energy and industrial companies are looking for a range of solutions that will help them lead energy transitions and make operations more efficient.

Baker Hughes Company Price

Baker Hughes Company Price
Baker Hughes Company Price

Baker Hughes Company price | Baker Hughes Company Quote

Currently, Baker Hughes carries a Zacks Rank #3 (Hold). Meanwhile, better-ranked players in the energy space include Whiting Petroleum Corporation WLL, Continental Resources, Inc. CLR and Devon Energy Corporation DVN. While Continental Resources carries a Zacks Rank #2 (Buy), Whiting Petroleum and Devon Energy sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum is a leading upstream energy company and is the top producer of crude oil in North Dakota. With oil price improving at a healthy pace, Whiting Petroleum expects to continue generating handsome cashflows while maintaining a healthy balance sheet.

Headquartered in Denver, CO, Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Looking at the price chart, WLL has gained 152% year to date, outpacing the 98.2% rise of the composite stocks belonging to the industry.

Continental Resources is also a leading upstream energy company with proven reserves in North Dakota and Oklahoma. The oil inventories of Continental Resources are among the best in the industry.

Headquartered in Oklahoma City, Continental Resources has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Considering the price chart, CLR has gained 165.5% so far this year, outpacing the 98.2% improvement of the composite stocks belonging to the industry.

Devon Energy is also a leading exploration and production company with a strong presence in the prolific Delaware basin. It has a strong focus on returning capital to stockholders. Devon Energy recently announced approvals from the board of directors to hike fixed-plus-variable dividend payout, based on its third-quarter financial performance, by 71%.

Devon Energy has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Looking at the price chart, DVN has gained 155.3% year to date, outpacing the 98.2% improvement of the composite stocks belonging to the industry.


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