Equinor ASAEQNR is one of the leading energy companies that are rooting for a cleaner energy agenda. Last year, the company changed its name from Statoil to Equinor as it is trying to be at the front of the energy transition movement from oil and gas to greener sources. Recently, the company announced that it has reduced carbon emissions from its Norwegian continental Shelf's (NCS) logistical operations by 600,000 tons since 2011.
The company brought down total emissions by 37% and adjusted emissions (considering reduced activities) by 26% from the 2011 levels. Within the year 2030, it further plans to reduce emissions from the NCS by 50% from the 2011 figures. The company reported that emissions from helicopters and vessels in 2011 were 465,000 tons, which declined to 292,000 tons in 2018.
On an encouraging note, Equinor said that many of its suppliers have adopted cleaner solutions. The suppliers are using ship-to-shore power supply stations, which help in reducing emissions. Supply chain management providing company, NorSea recently opened a similar station in Stavanger that will offer hybrid battery operations as well as supply power to Equinor vessels from the shore. Notably, while 13 supply vessels under contract with Equinor have already installed shore power systems so far, five will do the same this year.
The moves from the Norwegian energy company are in line with the country's intention of bringing down greenhouse gas emissions by 40% within 2030.
Equinor has lost 3.9% in the past year compared with 4.3% collective decline of the industry it belongs to.
Zacks Rank and Stocks to Consider
Currently, the company has a Zacks Rank #4 (Sell). Investors interested in the energy sector can opt for some better-ranked stocks as given below.
Houston, TX-based Shell Midstream Partners, L.P. SHLX is a midstream energy company. For 2019, its bottom line, which has witnessed three upside revisions over the past 60 days, is expected to grow 27.7% year over year. The company currently holds a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Calgary, Canada-based Gran Tierra Energy Inc. GTE is an international oil and gas exploration and production company. Its bottom line for 2018 is expected to surge more than 300% year over year. The company delivered average positive earnings surprise of 24% in the trailing four quarters. The stock currently has a Zacks Rank #2.
YPF Sociedad Anonima YPF is a Buenos Aires, Argentina-based integrated energy company. Its bottom line for 2018 is expected to grow more than 27% year over year. The company currently has a Zacks Rank #2.
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