Baker Hughes Company BKR, a leading global oilfield services provider, announced that it has secured an order associated with the expansion of Saudi Aramco’s Jafurah gas field.
Baker Hughes has received the order from Tecnicas Reunidas for six gas compression trains and propane compressors that are part of Phase 3 of the Jafurah gas field expansion. The gas field is located in the Kingdom of Saudi Arabia.
Per BKR, the order was officially recorded in the fourth quarter of 2024. The oilfield services giant will leverage its extensive knowledge and expertise in the natural gas value chain to provide technology solutions to its clients. Per the terms of the agreement, BKR will provide advanced electric motor-powered compression solutions for the expansion of the Jafurah gas field. These solutions will be delivered from the company's recently expanded Damman Center in Dammam, Saudi Arabia.
Baker Hughes has previously worked with Aramco to provide compression solutions for the Haradh and Hawiyah gas plants. It has also supported the first phase of the Jafurah gas field by providing gas compression facilities. Recently, the two companies have collaborated to supply equipment to support the third phase of Saudi Arabia’s Master Gas System project. The contract for Phase 3 of the Jafurah gas field expansion, which is the largest unconventional gas field in Saudi Arabia, strengthens their long-standing relationship.
According to Baker Hughes, natural gas continues to be a vital and reliable energy source with lower carbon emissions. BKR’s cutting-edge gas compression technology should enhance the efficiency of production at the Jafurah gas field, further aiding energy development in Saudi Arabia.
BKR’s Zacks Rank and Key Picks
BKR currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energysector are Sunoco LP SUN, SM Energy SM and Archrock Inc. AROC. Sunoco and SM Energy currently sport a Zacks Rank #1 (Strong Buy) each, while Archrock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores and distributors. Its current distribution yield is greater than that of the industry's composite stocks, providing unitholders with consistent returns.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The increased production, combined with the favorable oil price environment, is expected to positively contribute to its bottom line.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
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