Energy stocks In Focus on OPEC’s Saudi Arabia Oil Production Cut: RIG, HNRC, SNRG, REI, BTE

The energy sector intensified over the weekend after one of the major OPEC members Saudi Arabia had decided to cut oil production by 1 million barrels/day. Oil prices are now on the rise, see a short list of stocks that should benefit now!

Transocean Ltd. (NYSE: RIG) – International offshore contract drilling services provider Transocean is primarily involved in technically demanding sectors in its sector. It is particularly focussed on deep water and harsh environment drilling services. The company currently operates the highest specification floating offshore drilling fleet worldwide.

Last month the company announced that it had been awarded a five-well contract in Australia by an operator. The contract represented as much as $137 million in backlog without the payments that it would get as mobilization and demobilization fees. The contract is estimated to last for 300 days and would commence at some point in the first quarter of 2024.

Houston Natural Resources Corp (OTC: HNRC) - The diversified energy company has interests in both oil and gas in addition to wastewater treatment facilities. The company's Halff Oil Field in Texas boasts 83 oil wells and has an estimated reserve of 33 million barrels. Houston Natural Resources Corp also acquired a stake in the company Cunningham Energy LLC, which has appraised reserves worth $353 million.

SusGlobal Energy Corp (OTC: SNRG) - Recently, the company released Q1 results that ended on March 31, 2023. SusGlobal generated revenues of $164,687, a 14% y-o-y growth. The boost in revenues mainly came about due to the rise in business from the existing customers in its organic waste processing and compost facility. The net loss came in at $1,035,172, which worked out to a loss per share of $0.01.

Ring Energy Inc (NYSE: REI) - On May 3, the company announced its financial results for the first fiscal quarter of 2023. The first quarter sales volume went up 2% to hit a record 18,292 barrels of oil equivalent per day from the previous quarter. Ring Energy generated a net income of $32.7 million, which worked out to earnings per share of $0.17 per diluted share.

This was a significant improvement from the $14.5 million in net income in the previous quarter. The adjusted net income stood at $25 million which went up by 25% on a sequential basis. The free cash flow in the quarter was $10.5 million and the record cash flow operations was $49.4 million. It had a cash balance of $179 million at the end of the first quarter.

Baytex Energy Corp (NYSE: BTE) - Calgary, Alberta-based energy company Baytex Energy Corp is involved in the acquisition, development, and production of natural gas and crude oil in the Eagle Ford in the United States and Western Sedimentary Canadian Basin. On May 18 the company announced that it had finally closed the acquisition of Ranger Oil Corporation that it had previously announced.

The company submitted its filing of the registration statement on Form F-4 and it had also been declared effective by the United States Securities and Exchange Commission. The company announced at the time that it had also scheduled a meeting of its shareholders on June 16, 2023. The merger is expected to be completed within three business days of that meeting.

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