Equinor (EQNR) Signs Agreement to Identify Low-Carbon Solutions
Equinor (EQNR) and Rosneft will determine low-carbon solutions for their joint projects in Russia and undertake activities in sustainability-focused a...
Equinor ASA EQNR entered an agreement with Rosneft to reduce carbon emissions from their oil and gas operations in Russia.
Equinor and Russia-based oil producer Rosneft will explore opportunities in areas like flaring and methane emission reduction, energy efficiencies, and reporting greenhouse-gas emissions.
Beside this, both companies will look into alternative energy such as wind turbines to power oil and gas installations. The partners will evaluate potential cooperation envisaging opportunities for the use of carbon capture, utilization and storage to reduce the carbon footprint from joint projects.
The purpose of the agreement is to determine low-carbon solutions for the companies’ joint projects in Russia and undertake activities in sustainability-focused areas, in accordance with the United Nations Sustainable Development goals and environmental, social and governance standards.
Equinor has been active in Russia for more than 30 years, with a production capacity of 23,000 barrels of oil equivalent per day. The latest agreement expands Equinor and Rosneft’s existing partnership in the country. The companies’ joint projects include the North Komsomolskoye field in West Siberia and the North Danilovskoye conventional oil deposit in East Siberia, which are currently being developed. The companies are also evaluating options for commercializing oil reserves in deep Domanik formations in the Samara region of Russia.
Equinor’s upstream CO2 intensity improved by 16% to 8 kilograms of CO2 per barrels of oil equivalent in 2020 compared with 2019 levels. The company is currently focusing on upstream projects with higher returns on investment and opportunities to lower carbon intensity.
Company Profile & Price Performance
Headquartered in Stavanger, Norway, Equinor is one of the leading integrated energy companies in the world.
Shares of the company have outperformed the industry in the past six months. Its stock has gained 29.5% compared with the industry’s 7.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently has a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Delek Logistics Partners, L.P. DK, Comstock Resources, Inc. CRK and Cheniere Energy, Inc. LNG, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Delek’s earnings for 2021 are expected to increase 15.7% year over year.
Comstock’s earnings for 2021 are expected to rise 47.7% year over year.
Cheniere’s earnings for 2021 are expected to surge 119.7% year over year.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Comstock Resources, Inc. (CRK): Get Free Report
Delek US Holdings, Inc. (DK): Free Stock Analysis Report
Cheniere Energy, Inc. (LNG): Free Stock Analysis Report
Equinor ASA (EQNR): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research