The Zacks Analyst Blog Highlights: BP, Equinor, Royal Dutch and Chevron
For Immediate Release
Chicago, IL – October 8, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include BP plc BP, Equinor ASA EQNR, Royal Dutch Shell plc RDS.A and Chevron Corp. CVX.
Here are highlights from Wednesday’s Analyst Blog:
Oil Prices Tick Up as Hurricane Delta Rages Toward Gulf Coast
Hurricane Delta is expected to slam coastal Louisiana later this week. Reportedly, the hurricane, likely to unleash damaging wind and floods, has the attention of energy companies which are busy chalking out ways to counter it.
Estimated Impact of Hurricane Delta
Hurricane Delta is rapidly gaining strength and is now a category 4 storm. The hurricane’s wind speed has reached 145 miles per hour (mph) – per the National Hurricane Center. Thus, in the Atlantic basin, the storm is the second strongest in the year, lagging Hurricane Laura.
The National Hurricane Center expects the hurricane to move over the Gulf coast through Oct 8. Thus, there remains a significant threat to oil and gas production in the Gulf of Mexico and also to U.S. refineries, since the Gulf coast area is home to about half of the U.S. refining capacity.
How Have Energy Players Responded?
As expected, oil and gas producers in the offshore Gulf of Mexico have started evacuating crew. From four of its offshore platforms, namely, Thunder Horse, Atlantis, Mad Dog and Na Kik, British energy giant BP plc has started evacuating non-essential crew as a measure to secure offshore facilities.
Equinor ASA, one of the premier integrated energy companies in the world with operations spreading across 30 countries, is now shutting its Titan platform. The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another leading integrated major, Royal Dutch Shell plc, has decided to stop production at all nine of its Gulf coast facilities. Chevron Corp., an integrated energy major, is also preparing to shut Gulf coast platforms and evacuate crew.
Oil Price Gain Short-Lived
With hurricane Delta expected to disrupt a significant portion of Gulf of Mexico oil and gas production and refinery shutdown, the price of West Texas Intermediate (WTI) crude is again trading above $40 per barrel mark, gaining more than 8% since Oct 4. The uptick in oil price is expected to be short-lived, providing no major support to upstream energy firms.
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Chevron Corporation (CVX) : Free Stock Analysis Report
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