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Diamondback Energy Inc. FANG, one of the largest oil producers in the Permian Basin, is exploring innovative ways to meet the power demands of its drilling and fracking operations. As the company continues to expand its influence, particularly after the acquisition of Endeavor Energy, FANG faces a unique challenge to ensure a sustainable power supply in the face of an increasingly unreliable Texas power grid.
Shifting From Diesel to Electric Power in the Permian Basin
For years, oil and gas companies in the Permian Basin relied heavily on diesel generators to power its operations. However, in recent years, many companies, including FANG, have started transitioning to electricity provided by the local power grid. This shift is driven by a growing awareness of the environmental impact of diesel-powered generators and the pressure from investors for energy companies to adopt more sustainable practices.
However, the Texas power grid can be unpredictable in the remote parts of the Permian Basin. This unreliability presents a significant challenge for companies like FANG, which rely on a continuous power supply to keep its operations running smoothly.
FANG’s Vision: Addressing the Power Supply Challenge
At a recent Pickering Energy Partners’ investor conference in Austin, Diamondback's CEO, Travis Stice, highlighted the growing concerns surrounding the reliability of the Texas power grid. Stice acknowledged the challenges posed by the grid's instability but also emphasized the company's commitment to finding innovative solutions.
“Texas is in a bind,” Stice said during his presentation. “What we’re trying to think about is how we can solve some of the electrification demands that our investors have placed on us,” he added.
FANG is not alone in this struggle. Many Permian Basin producers are grappling with similar concerns as they attempt to balance operational efficiency with sustainability goals.
Natural Gas as a Potential Solution for FANG's Energy Needs
One of the potential solutions, that FANG is considering, is the use of natural gas produced during its drilling operations to generate electricity. Natural gas, which is often a byproduct of oil production, is abundant in the Permian Basin. Rather than flaring or venting excess gas, FANG can use this to power its operations, thereby reducing the company’s carbon footprint and lowering operational costs.
This approach should provide FANG with a more reliable and self-sufficient power source, reducing its dependence on the unstable Texas power grid. However, the company has not yet made any concrete plans in this direction.
When asked if FANG was considering building its own gas-fired power plants, Stice was cautious in his response. “I don’t think you’d ever see Diamondback saying, ‘OK, we’re going to go build one,’” he said. He also added, “But is it possible we participate with our balance sheet in some of these investments?”
Collaboration With Oklo for Small Nuclear Reactors
In addition to exploring natural gas as a potential power source, FANG signed a nonbinding letter of intent with California-based Oklo Inc. OKLO, a nuclear power developer, to explore the use of small modular reactors (“SMRs”) for some of its future energy needs. SMRs are new promising technologies that could provide clean, reliable and scalable electricity to remote locations like the Permian Basin.
While still in the early stages, this partnership with OKLO demonstrates FANG's commitment to exploring innovative energy solutions that will help the company meet its electrification goals while adhering to environmental and investor expectations.
Role of Permian Basin Producers in the Future of Energy
FANG's exploration of alternative power sources is part of a broader trend among Permian Basin producers. As pressure mounts from environmental advocates, regulators and investors, many companies are being forced to rethink its traditional reliance on fossil fuels and explore more sustainable alternatives.
By potentially utilizing natural gas and nuclear energy to power its operations, Diamondback Energy will not only reduce the company’s environmental impact but also improve its operational efficiency. The company's leadership in adopting cutting-edge technologies will set a precedent for other producers in the region.
Challenges and Opportunities Ahead for Diamondback Energy
While FANG's plans to explore alternative energy sources are promising, it still faces significant challenges. The costs of developing or participating in gas-fired power plants or deploying small nuclear reactors are substantial. Moreover, regulatory hurdles and technological uncertainties can slow the progress of these initiatives.
However, if successful, these efforts should position FANG as a leader in the transition to clean energy within the oil and gas industry. As more companies in the Permian Basin move away from traditional diesel-powered operations, those that embrace sustainable power sources will likely have a competitive edge in operational costs and investor appeal.
Overall, FANG's ongoing efforts to address the power challenges in the Permian Basin reflect a broader industry shift toward sustainability and innovation. By exploring the use of natural gas and partnering with OKLO to deploy small nuclear reactors, FANG is taking bold steps to ensure the long-term viability of its operations. As the company navigates the complexities of the Texas power grid and rising investor expectations, its ability to adapt and innovate will be critical. If successful, FANG's approach will serve as a model for other Permian Basin producers looking to balance operational needs with environmental responsibilities.
Zacks Rank and Key Picks
Currently, FANG and OKLO have a Zacks Rank of #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like TechnipFMC plc FTI and Vaalco Energy, Inc. EGY, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
TechnipFMC is valued at $10.92 billion. In the past year, its shares have risen 19.7%. FTI is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry.
Houston, TX-based Vaalco Energy is valued at $610.01 million. The oil and gas exploration and production company currently pays a dividend of 25 cents per share, or 4.25%, on an annual basis. EGY is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.
Zacks Investment Research
ConocoPhillips COP, a leading upstream energy firm in the world in terms of production and reserves, is well-positioned to capitalize on handsome crude prices. Currently, the firm carries a Zacks Rank #3 (Hold).
Factors Working in Favor of COP
West Texas Intermediate crude price, trading above $70 per barrel, is highly favorable for upstream activities.
COP secured a solid production outlook thanks to its decades of drilling inventories across its low-cost and diversified upstream asset base. The resource base represents the company’s strong footprint in prolific acres in the United States, comprising Eagle Ford shale, the Permian Basin and Bakken shale. COP boasted that its drilling and completion activities are becoming more efficient in all key U.S. basins.
Compared with composite stocks belonging to the industry, the leading upstream energy company has considerably lower exposure to debt capital. This reflects that COP is better positioned to rely on its strong balance sheet to withstand any adverse business scenario.
Risks to the COP’s Business
Being an upstream energy player, the company’s overall operations are exposed to oil and natural gas price volatility. Other exploration and production players that are also exposed to commodity price volatility are EOG Resources EOG, Diamondback Energy, Inc. FANG and Matador Resources Company MTDR.
In the United States, EOG Resources, with Zacks Rank of 3, is one of the foremost explorers and producers of oil and gas, with its crude reserves spanning across the United States and Trinidad.
Diamondback Energy, a leading pure-play Permian operator, reported ongoing enhancements in the average productivity per well in the Midland Basin. Thus, the Zacks #3 Ranked exploration and production company will likely continue witnessing increased production volumes. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Matador Resources recently entered into a $1.91-billion agreement to expand its footprint in the prolific Delaware Basin. With the deal expected to close in the late third-quarter 2024, the Zacks #3 Ranked company is projected to have more than 190,000 net acres in the Delaware Basin on a pro-forma basis.
Zacks Investment Research
Vallourec SA VLOWY, a French tubular solutions provider, has announced that it will acquire 100% shares of Thermotite do Brasil, a subsidiary of Mattr, for $17.5 million. Thermotite specializes in providing thermal insulation coating for pipes used in the offshore oil and gas industry.
The acquisition price is contingent upon customary price adjustments, including working capital. The transaction is expected to take place on a cash-free and debt-free basis, which means no cash or debt will be included at the time of the deal’s closure. However, it is subject to customary closing conditions, including regulatory approvals.
Thermotite has its facility within Vallourec’s coating services site in Serra, Esperito Santo State. The acquisition also supports the company’s broader business strategy. It should solidify VLOWY’s position within the oil and gas industry and expand its presence in the industry value chain.
Integrating Thermotite’s facilities into Vallourec’s portfolio should provide the latter with an integrated setup that will likely increase its operational efficiency. Moreover, the acquisition should provide Vallourec with valuable technical expertise, particularly in offshore and deepwater markets.
Vallourec’s Strategy
The acquisition aligns with the company’s strategy to provide integrated solutions for complex offshore projects. By incorporating Thermotite’s expertise in coating solutions, Vallourec should be able to enhance its existing portfolio of anti-corrosion coatings for pipes.
VLOWY also highlights that the acquisition should enable it to offer better, more customized pipeline solutions to its customer base. The company is expanding its footprint in Brazil, which is a key growth market in the offshore energy industry. This positions Vallourec to capitalize on the growing demand for high-quality tubular solutions in domestic as well as export markets.
VLOWY’s Zacks Rank and Key Picks
Currently, VLOWY carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the energy sector are PEDEVCO Corp. PED, TechnipFMC FTI and VAALCO Energy EGY. PEDEVCO presently sports a Zacks Rank #1 (Strong Buy), while TechnipFMC and VAALCO Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. The company stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.
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 FTI in the future.
VAALCO Energyis an independent energy company involved in upstream business operationswith a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
Zacks Investment Research
Saipem S.p.A SAPMF, an Italian engineering and construction services firm, has secured an engineering, procurement, and construction (EPC) contract for an offshore project in Qatar. QatarEnergy LNG, a subsidiary of QatarEnergy, has awarded this contract to Saipem. The project, worth $4 billion, is part of the North Field production sustainability offshore compression complexes program. Saipem will be working on COMP 3A and COMP 3B of the program.
Per the terms of the agreement, Saipem has been tasked with engineering, procurement, fabrication and installation work for six platforms. Furthermore, it will be responsible for laying rigid subsea pipelines spanning 100 km. These pipelines, with diameters of 28 inches and 24 inches, will be made from an alloy that is resistant to corrosion.
The contract also includes the laying of 100 km of subsea composite cables and 150 km of fiber-optic cables. Saipem will also be responsible for the installation of additional subsea facilities.
The award followed another EPC contract that Saipem had won in October 2022. The work on this project is currently in progress. The contract, worth $4.5 billion, is part of the North Field production sustainability offshore compression complexes project, COMP-2.
The North Field is one of the largest natural gas reservoirs in the world located offshore Qatar. The North Field production sustainability offshore compression complexes program was aimed at ensuring long-term production from the field.
QatarEnergy is focusing on raising Qatar’s LNG production capacity. The company is currently working on an LNG expansion program for the North Field. This program covers three fields — the North Field East, the North Field South and the North Field West. This expansion program is aimed at significantly increasing the country’s production capacity from 77 to 142 million tons per annum (mtpa) in 2030.
SAPMF’s Zacks Rank and Key Picks
Currently, SAPMF carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are PEDEVCO Corp. PED,TechnipFMC FTI and VAALCO Energy EGY. PEDEVCO presently sports a Zacks Rank #1 (Strong Buy), while TechnipFMC and VAALCO Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. The company stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.
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 FTI in the future.
VAALCO Energy is an independent energy company involved in upstream business operationswith a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
Zacks Investment Research
Exxon Mobil Corporation XOM and Japan-based Mitsubishi Corporation MSBHF signed a project framework agreement to collaborate on a groundbreaking low-carbon hydrogen and ammonia facility in Texas. The partnership, centered on ExxonMobil's proposed Baytown facility, aims to push forward the production of cleaner energy solutions and meet the growing global demand for sustainable fuel.
Per the agreement, ExxonMobil and Mitsubishi will explore opportunities for the latter's acquisition of low-carbon ammonia and potential investment in the project. Once operational, the Baytown plant is slated to be the largest of its kind, producing up to one billion cubic feet per day (bcf/d) of low-carbon hydrogen.
The facility is projected to capture around 98% of CO2 emissions, marking a significant step toward near-zero carbon operations. By 2030, the plant will produce more than one million tons of low-carbon ammonia annually. Mitsubishi plans to use ammonia in Japan for various industrial applications, including power generation and process heating, to decarbonize these energy-intensive sectors.
Mitsubishi plans to repurpose part of its liquefied petroleum gas terminal into an ammonia trans-shipment terminal. The move is designed to facilitate ammonia export from Texas to Japan, where Mitsubishi aims to supply low-carbon ammonia to industrial consumers in the Shikoku and Chugoku regions.
ExxonMobil and Mitsubishi’s collaboration aligns with both companies’ net-zero aspirations and reflects their commitment to decarbonizing hard-to-abate sectors such as power generation and heavy industry. The Baytown facility is part of a larger trend of developing low-carbon hydrogen and ammonia supply chains, and it is expected to play a critical role in connecting the United States and Japan in the clean energy space.
While the companies did not disclose specific details regarding the size of Mitsubishi’s potential stake or the amount of ammonia to be taken, a final investment decision is expected by 2025. The facility is projected to be operational by 2029.
This joint venture will help drive the global transition toward more sustainable energy solutions and provide a blueprint for future international partnerships in the decarbonization effort. Through this collaboration, ExxonMobil and Mitsubishi are set to make significant contributions to the future of clean energy, reinforcing their roles as leaders in the global effort to reduce carbon emissions and combat climate change.
XOM Stock Price Performance
Shares of ExxonMobil have outperformed the industry in the past three months. XOM stock has risen 5.3% against the industry's 3.7% decline.
XOM’s Zacks Rank & Stocks to Consider
ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Core Laboratories Inc. CLB and TechnipFMC plc FTI, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that position it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at 95 cents. The company has a Value Score of B and a Growth Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Value Score of B and a Growth Score of A. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Zacks Investment Research
SLB SLB, an American oilfield services company, has introduced its Lumi data and AI platform, a cutting-edge solution designed to integrate advanced AI capabilities across the energy sector.
Unveiled at the SLB Digital Forum in Monaco, the Lumi platform is aimed at revolutionizing data management, improving decision-making skills and boosting operational efficiency within the energy value chain.
SLB's Lumi Platform Enhances Cross-Domain Collaboration
The Lumi platform addresses the complexity of the energy industry’s data ecosystems by offering an open, secure and modular platform that enables access to high-quality data across subsurface, surface, planning and operations. SLB has embedded large language models and industry-specific domain models within Lumi, empowering customers to accelerate AI adoption at scale. This should lead to faster, more informed decisions and greater collaborations across the energy sector.
Rakesh Jaggi, president of Digital and Integration at SLB, noted that while AI is significantly changing the energy industry dynamics, its full transformative potential is limited by the complexity of the sector's data ecosystems.
SLB Lumi Platform Expands AI Capabilities
SLB has ensured that the Lumi platform can be deployed on all major cloud service providers and on-premises systems, making it accessible to its global customer base. By offering foundational AI models tailored to exploration and production, the platform enables customers to develop and deploy traditional and generative AI solutions, transforming real-time decision-making and automation throughout the energy production cycle.
The platform also integrates with SLB's Delfi digital platform, enhancing capabilities like reservoir modeling, seismic interpretation and operational automation. These advancements are expected to drive high-value, low-carbon operations across SLB’s client portfolio.
SLB's Lumi Adheres to Leading Standards of Data Security
SLB designed the Lumi platform to adhere to industry-leading standards, including the Open Group’s OSDU Technical Standard for data liberation, and the National Institute of Standards and Technology cybersecurity guidelines. By incorporating Cognite Data Fusion technology, Lumi ensures efficient data analysis and optimized production for SLB’s energy customers.
SLB's unveiling of the Lumi platform at its Digital Forum in Monaco marks a milestone in AI-driven digital transformation for the energy industry.
SLB’s Zacks Rank & Key Picks
Currently, SLB carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, Core Laboratories Inc. CLB and VAALCO Energy, Inc. EGY, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Zacks Style Score of B for Value and A for Growth. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Zacks Investment Research
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