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Baker (BKR) Secures Contract for Port Arthur Phase I Project

Baker Hughes (BKR) recently stated that it has secured an order from Bechtel to provide two Main Refrigerant Compressors for Sempra Infrastructure's (SRE) Port Arthur LNG Phase I project in Texas, following the positive final investment decision announced on Mar 20.

Sempra aims to provide critical new export infrastructure in the United States through the Port Arthur liquefied natural gas (LNG) Phase I project, which will aid in meeting the country's rising demand for LNG.

For a nameplate capacity of roughly 13 million tons per annum, Baker Hughes will provide four Frame 7 engines and eight centrifugal compressors across two LNG trains, as well as two electric motor driven compressors for the plant's boosting services.

According to Lorenzo Simonelli, the chairman and chief executive officer of Baker Hughes, the company has been committed to LNG for over 30 years and the announcement builds on its history of providing high-availability and reliable LNG technology at low total cost of operations. This further enabled increased LNG exports from the U.S. Gulf Coast to meet global energy needs.


For Port Arthur LNG Phase I, Baker Hughes' proven gas technology solution offers Sempra Infrastructure the highest production levels feasible, given the plant's design, operating flexibility, high availability and reduced emissions. At Baker Hughes' facilities in Italy, the turbine/compressor will be packaged along with the compressors' production and train testing. The anticipated commercial operation dates for Trains 1 and 2 of Port Arthur LNG Phase I are 2027 and 2028, respectively.

Zacks Rank & Key Picks

Currently, Baker Hughes carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks for investors interested in the energy sector are CVR Energy CVI, Par Pacific Holdings Inc. PARR, each sporting a Zacks Rank #1 and Valero Energy Corporation VLO carrying a Zacks Rank #2 (Buy).

CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.

Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, the company has witnessed an upward revision in earnings estimates for 2023 and 2024.

Valero Energy is a global manufacturer and marketer of transportation fuels and petrochemical products. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past seven days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.

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