Equinor (EQNR) Signs an Accord for Bahama Oil Terminal's Sale

Equinor ASA EQNR and Liwathon recently entered into an agreement for the sale of the Equinor South Riding Point oil facility at the Grand Bahama Island in the Bahamas. The oil terminal was bought by Equinor in 2009 in order to trade oil, especially from the U.S. markets.

According to Alex Grant, Senior Vice President for crude, products, and liquids at Equinor, the oil market flow in North America has altered dramatically since the purchase in 2009, and the firm has supplied petroleum to other regions across the world more often. In the light of this information, the company believes that a new owner would be better positioned to advance the terminal. This sale also complements the company’s goal to consolidate its portfolio around key sectors while also enabling reallocation of money in areas where better competitive advantage is foreseen.

The South Riding Point port will now resume normal operations under Liwathon's control. The duties pertaining to the South Riding Point staff members will also be taken over by Liwathon. The Bahama’s government has authorized the deal. Per the recent press release, no other commercial information will be released about the deal.

An integrated logistics and investment company, Liwathon Group, currently has four sites in Estonia with a combined storage capacity of more than 1 million m3. The business offers a wide range of services in the handling, transportation, and storage of liquid fuels that are traded internationally.

Zacks Rank & Key Picks

Equinor ASA currently carries a Zack Rank #4 (Sell).

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

Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. MUSA and Valero Energy Corporation VLO, both sporting a Zacks Rank #1, and Halliburton Company HAL, carrying a Zacks Rank #2 (Buy).

Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.

Valero Energy, a TX-based company, is one of the largest independent refiners and marketers of petroleum products in the US. 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 30 days, VLO has seen an upward revision in earnings estimates for 2023.

Halliburton Company, one of the major oilfield service companies in the world, provides a range of construction, engineering, and maintenance services to the energy, industrial, and government sectors. Over the past 30 days, HAL has witnessed upward earnings estimate revisions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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