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Equinor (EQNR) Decides Drilling of 25 Wells Offshore Norway

Equinor ASA EQNR has decided to drill 25 exploration wells off the coast of Norway in 2023, per Reuters. Thus, the total well count for next year will be higher than this year’s tally of 22.

The source added that most of the wells would be drilled in the North Sea, while a few are likely to be drilled in the Norwegian and the Barents Seas. This reflects Equinor’s strong intention of supplying the maximum possible gas supplies to Europe as the flows of gas from Russia has dropped. However, it is not easy to get gas immediately since the exploration activities for new gas fields are a lengthy process.

On the Norwegian continental shelf, Equinor is the largest natural gas producer. In Europe, EQNR is the second largest in terms of supplying gas. According to Equinor, its most important markets for gas in Europe are England, France and Germany. These factors reflect the dependence of Europe on Equinor for gas. The company has now become the largest gas supplier to the European Union, per the source.

Currently, Equinor carries a Zacks Rank #2 (Buy). Other prospective players in the energy space include Marathon Petroleum Corporation MPC, PBF Energy Inc. PBF and Phillips 66 PSX. All the stocks carry a Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Marathon Petroleum is a well-known name in the downstream space and is the operator of the largest refining system in the nation. MPC has a strong focus on returning capital back to shareholders. Over the past 30 days, Marathon Petroleum has witnessed upward earnings estimate revisions for 2022 and 2023.

PBF Energy is a leading North American independent refiner. PBF is highly inclined to reduce its debt load and reinstated its regular quarterly dividend. In the past 30 days, PBF Energy witnessed upward earnings estimate revisions for 2022 and 2023.

Phillips 66 has a diversified business model, having a significant presence in businesses related to refining midstream, chemicals and marketing & specialties. In each of the operations, Phillips 66 has a sound footprint pertaining to safety, profitability, size and competitive strengths.

It is focusing more on businesses like midstream, renewables and chemicals. This is making Phillips 66’s business model more stable.

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