Shell plc’s (SHEL) subsidiary, Shell Petroleum Development Company (SPDC), halted loadings of Nigeria's Forcados crude oil owing to a probable leak at the export terminal, per a Reuters report.
According to the article, shipments of the grade, which was set to transport 220,000 barrels per day in July, were suspended when workers noticed fumes near a single buoy mooring that was loading oil onto a vessel. SPDC reported that investigations are underway.
The Forcados crude oil terminal, one of the country's seven main crude terminals, produced close to 7.9 million barrels per day (mbpd) of crude oil and condensate in June 2023, according to data from the Nigerian Upstream Petroleum Regulatory Commission.
The terminal's crude oil output has largely remained above 7 mbpd since the year's commencement, with minor dips in March and April 2023. The crude oil and condensate output at the terminal increased to 7.01 mbpd in May 2023, up from 5.78 mbpd in April 2023.
Zacks Rank & Key Picks
Shell is a group of U.S. and Europe-based big energy multinationals with operations across the world. Currently, Shell carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Evolution Petroleum Corporation EPM, NGL Energy Partners LP NGL and Murphy USA MUSA. While Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), both NGL Energy Partners and Murphy USA carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments — retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
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 an upward earnings estimate revision for 2024.
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