TechnipFMC plc FTI has been awarded a lucrative 10-year framework contract for the supply of wellheads, trees and related services from the UAE state-owned Abu Dhabi National Oil Company (ADNOC).
FTI will expand current manufacturing, assembly and testing capabilities in Abu Dhabi as part of the framework agreement to offer its full line of surface wellheads and shafts nationwide.
This is the largest surface technologies contract in FTI’s history. It is based on TechnipFMC’s decades-long relationship with ADNOC as well as its track record of innovation, execution and continuous improvement of products and technologies.
ADNOC’s confidence in TechnipFMC’s ability to substantially develop its capacities in the country, thus enabling it to meet its current and future requirements, is demonstrated by the duration of the agreement.
Also, recently, TechnipFMC announced the receipt of a major award from a subsidiary of Exxon Mobil Corporation XOM. According to TechnipFMC, a contract is considered material if its value is between $ 500 million and $ 1 billion.
Through this award, TechnipFMC will be involved in the supply of an underwater production system to develop the ExxonMobil Yellowtail. In the prolific Stabroek block, located off Guyana, Yellowtail is the 13th oil discovery of energy supermajor XOM. The discovery was announced by its authorities in April 2019. The award also strengthened FTI’s relationship with XOM. Overall, the exploit is likely to have secured additional cash flow for TechnipFMC.
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TechnipFMC currently has a Zack Rank # 3 (Hold). Investors interested in the energy sector might consider the following stocks to consider with a Zacks Rank # 1 (strong buy) right now. You can see The full list of today’s Zacks # 1 Rank stocks here.
Western Oil Company OXY is an integrated oil and gas company with significant exposure to exploration and production. OXY is also a producer of various basic chemicals, petrochemicals, polymers and specialty chemicals. At the end of 2020, OXY’s preliminary proven global reserves stood at 2.91 billion boe compared to 3.9 billion boe at the end of 2019.
In the past year, shares of Occidental Petroleum have jumped 99% against the industry’s growth of 96.6%. OXY profits in 2021 are expected to rise 151.4% from the figure released a year ago. OXY has also witnessed eight northward estimate revisions over the past 60 days. In the third quarter, OXY met its divestment target of $ 10 billion by signing an agreement to sell its stake in two offshore assets in Ghana for $ 750 million.
PDC Energy PDCE is an independent upstream operator specializing in the exploration, development and production of natural gas, crude oil and natural gas liquids. PDCE, which reached its current form following the January 2020 merger with SRC Energy, is currently the second largest producer in the Denver-Julesburg basin. At the end of 2020, PDCE’s total estimated proven reserves stood at 731,073,000 barrels of oil equivalent.
In the past year, shares of PDC Energy have gained 169% versus industry growth of 108.6%. PDCE’s profits for 2021 are expected to increase by 273.4% from the figure released the previous year. Over the past 60 days, Zacks’ consensus estimate for PDCE earnings in 2021 has been increased by 26.8%. PDCE earnings have beaten Zacks’ consensus estimate over the past four quarters, averaging 51.06%.
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