General Electric Company GE recently announced that it secured a deal for fast and flexible power from Masila Petroleum Exploration and Production Company (PetroMasila). PetroMasila is a Yemeni state-owned company that explores and produces oil in Yemen.
Per the deal, General Electric will supply a trailer-mounted GE TM2500 aero-derivative gas turbine, also called a “power plant on wheels.” It will be positioned at Block 14 in the Hadramout region. The gas turbine unit will be able to supply electricity of a maximum of 34 megawatts (MW) at the site’s conditions.
It will be fueled by previously flared associated gas to support PetroMasila’s oil exploration and extraction processes — generating power from extra gas. When connected to the local grid, more than 50% of the electricity produced from the unit at Block 14 will be supplied to the grid. This will cater to the power requirement of the Yemeni homes that presently don’t have access to electricity.
This deal will aid PetroMasila to achieve its power generation goals by using previously flared associated gas and end the use of diesel, which is a higher emitting and costly fuel. General Electric’s remote monitoring and diagnostic system will also ensure seamless operations.
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The power plant on wheels is likely to begin commercial operation in 2023. In 2022, three TM2500 gas turbines were also installed at Block 10 in the East Shabwa region of Yemen, replacing diesel generators.
Zacks Rank and Other Stocks to Consider
GE currently carries a Zacks Rank #2 (Buy). Some other top-ranked companies are discussed below:
Deere & Company DE presently sports a Zacks Rank #1 (Strong Buy). DE’s earnings surprise in the last four quarters was 4.7%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
In the past 60 days, estimates for Deere & Company’s fiscal 2023 earnings have increased 8.6%. The stock has rallied 15.2% in the past six months.
Alamo Group Inc. ALG presently sports a Zacks Rank of 1. ALG’s earnings surprise in the last four quarters was 6.0%, on average.
In the past 60 days, estimates for Alamo’s fiscal 2023 earnings have increased 7.5%. The stock has gained 43.1% in the past six months.
A. O. Smith Corporation AOS presently carries a Zacks Rank of 2. AOS’ earnings surprise in the last four quarters was 3.2%, on average.
In the past 60 days, estimates for A. O. Smith’s fiscal 2023 earnings have increased 4.4%. The stock has gained 38.7% in the past six months.
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