Baker Hughes Company (BKR), a leading energy technology company, has announced its largest-ever order for Integrated Compressor Line (“ICL”) units. This order marks a significant step forward in Dubai's energy infrastructure and decarbonization efforts. Dubai Petroleum Establishment (“DPE”) placed the order on behalf of Dubai Supply Authority, highlighting BKR's role in supporting sustainable energy.
The agreement includes 10 ICL units, with five allotted for gas storage and another five for dual-usage purposes — either boosting gas injection or exporting gas to Dubai's existing distribution system. These units will be installed at the Margham Gas storage facility, significantly enhancing its capacity and flexibility. The deployment of BKR's ICL technology is aimed at strengthening Dubai’s energy system, enabling it to alternate between natural gas and solar power, contributing to the region’s decarbonization strategy.
Baker Hughes' ICL technology is well-positioned to support Dubai’s ambitions to integrate renewables into its energy mix. The cutting-edge compressors are designed for high reliability with low emissions, meeting both operational needs and environmental goals. Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at BKR, emphasized that this order showcases the company's leadership in low-carbon solutions and strengthens its longstanding relationship with DPE.
The latest order builds on BKR's previous success in the region. Since 2020, three ICL units have been operational at the Margham facility with excellent performance — zero seal leakage and minimal maintenance downtime. The latest project is set to further improve the facility’s capabilities and continue the growing market demand for BKR’s innovative ICL technology, which has been deployed in projects across Italy, Germany, Argentina and the United States.
Baker Hughes’ strong order momentum underlines its pivotal role in shaping the future of sustainable energy.
Currently, Baker Hughes carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like PEDEVCO Corp. PED, Archrock Inc. AROC and Core Laboratories Inc. CLB. While PEDEVCO and Archrock sport a Zacks Rank #1 (Strong Buy) each, Core Laboratories carries a Zacks Rank #2 (Buy) at present. 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. PED 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.
The Zacks Consensus Estimate for PED’s 2024 EPS is pegged at $0.08. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 in the past 60 days.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
The Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.04. It has witnessed upward earnings estimate revisions for 2024 and 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 2025 in the past 30 days.
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