Equinor ASA EQNR, a Norwegian energy firm, halted production at its Gullfaks C platform in the North Sea. The company stated that the shutdown was due to an incident with a well at the platform. Furthermore, as a security measure, some workers were evacuated from the platform.
The Gullfaks C platform encountered a well-control incident, per a company spokesperson, who also mentioned that it was unclear when the Gullfaks C platform would return online.The incident has affected only the Gullfaks C platform, while the other platforms at the Gullfaks field remain operational.
Most of the production at the Gullfaks C platform comprises oil. Apart from the extraction of oil, the platform is also responsible for processing and exporting oil and gas from a nearby field, known as the Tordis field. The shutdown has affected output at the Gullfaks field.
Norway's gas system operator has mentioned on its website that output at the field will be reduced by around 6.6 million cubic meters per day following the shutdown.
The Gullfaks field is a joint venture between Equinor, Petoro and OMV. While Equinor operates the field and holds a 51% stake, its partners, the Norwegian state-owned company Petoro and Austrian Multinational OMV hold stakes of 30% and 19%, respectively.
Zacks Rank and Key Picks
Currently, EQNR carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are SM Energy SM, TechnipFMC plc FTI and MPLX LP MPLX. SM Energy presently sports a Zacks Rank #1 (Strong Buy), while TechnipFMC and MPLX carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a record high of $13.9 million in the second quarter of 2024, indicating a year-over-year increase of 4.51%. This growing backlog ensures strong revenue growth for the company in the future.
MPLX LP owns and operates a wide range of midstream assets. The partnership's midstream assets include oil and natural gas gathering systems and transportation pipelines for crude, natural gas and refined petroleum products. MPLX is least exposed to commodity price fluctuations as it generates stable fee-based revenues. Furthermore, it surpasses its industry peers in terms of distribution yield, reflecting its commitment to returning capital to its unitholders.
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