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Baker Hughes (BKR) Expands Partnership With Service Agreement

Zacks Equity Research
·3-min read

Baker Hughes Company BKR has solidified its long-standing relationship with Woodside Energy by signing a 10-year service frame agreement to enhance the operational capabilities of Woodside Energy’s liquefied natural gas (LNG) operations in Australia.

Per the deal, Baker Hughes will provide critical spare parts, field service resources for onsite turbomachinery equipment maintenance and upgrades, equipment refurbishment and advanced digital asset performance services.

The latest collaboration between Baker Hughes and Woodside Energy underscores a partnership that began in 1989, characterized by numerous successful projects and a shared commitment to advancing the LNG sector. In 2021, Baker Hughes was entrusted with supplying high-efficiency gas turbine and compressor technology for Woodside Energy’s Pluto LNG Train 2 project in Western Australia, a key component of the Scarborough offshore gas project that supports LNG exports across Asia.

Beyond operational enhancements, the partnership has also ventured into decarbonization initiatives. In 2022, Baker Hughes and Woodside Energy signed a memorandum of understanding to explore potential solutions for reducing carbon emissions, thereby leveraging Baker Hughes' comprehensive portfolio of carbon management and climate technology solutions.

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As LNG plays a crucial role in ensuring global energy security by providing affordable and reliable natural gas supplies, Baker Hughes remains committed to continuous innovation and improvements in LNG technology solutions. This includes advancing safety, efficiency and asset health management to drive more intelligent and sustainable operations.

The latest agreement marks a significant milestone in the enduring collaboration between Baker Hughes and Woodside Energy. It will not only boost Woodside Energy’s operational efficiency but also contribute to the broader goal of securing a stable and sustainable energy supply on a global scale. Through technological innovation and a steadfast commitment to sustainable practices, the partnership will continue to advance the LNG sector, thus reinforcing its importance in the global energy landscape.

Zacks Rank & Key Picks

Currently, Baker Hughes carries a Zacks Rank #3 (Hold).

Investors interested in the energy sector may look at some better-ranked stocks like Coterra Energy Inc. CTRA, Sunoco LP SUN and GeoPark Ltd. GPRK, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Coterra Energy is an independent upstream operator that explores, develops and produces natural gas, crude oil and natural gas liquids. The company also has an active share repurchase program, with $1.4 billion existing under authorization.

The Zacks Consensus Estimate for CTRA’s 2024 and 2025 earnings per unit is pegged at $1.99 and $2.92, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.

Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream.

The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days. SUN currently has a Value and Growth Score of A.

GeoPark, based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and B for Growth.

The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.

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Sunoco LP (SUN) : Free Stock Analysis Report

Baker Hughes Company (BKR) : Free Stock Analysis Report

Geopark Ltd (GPRK) : Free Stock Analysis Report

Coterra Energy Inc. (CTRA) : Free Stock Analysis Report

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Zacks Investment Research