4 Energy Stock Stories for Weekend Investment Amusement

Exxon Mobil Corporation (NYSE:XOM): Closing price $90.11

The energy major is in talks to divest 5 percent of its interest in Iraq’s West Qurna-1 oilfield to Abu Dhabi’s investment fund Mubadala, part of the the former’s efforts to lower its exposure there, according to Iraqi oil officials on Thursday. Such a sale of West Qurna would follow Exxon’s decision in 2012 to sell its stake in the $60 billion field after annoying Iraq’s central government by securing deals with the autonomous Kurdistan region.

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XOM

Chevron Corporation (NYSE:CVX): Closing price $118.82

Chevron, along with its venture partners BP, Royal Dutch Shell, and ConocoPhillips will move forward with a two-year appraisal program to examine the possibility of developing a third phase of the giant Clair field, located west of the Shetland Islands. The initial commitment involves a two-year program to drill five appraisal wells, but that could increase to between eight and twelve wells, depending on results from the first bores, which has begun recently. The initial investment in the appraisal program will exceed $500 million gross.

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CVX

Kinder Morgan Energy Partners (NYSE: KMP): Closing price $KMP

On Thursday, Kinder Morgan said that it has entered into a long-term, fee-based agreement with BP North America, through which to underwrite an additional 50,000 barrels per day of throughput capacity at the petroleum condensate processing facility that Kinder Morgan (NYSE:KMI) is building near its Galena Park terminal on the Houston Ship Channel. With this arrangement, Kinder Morgan will spend an additional $170 million to add a second unit to its previously announced $200 million condensate processing facility, and to increase its total capacity up to 100,000 barrels per day. Beyond that, the investment includes the company constructing an additional 700,000 barrels of storage capacity for product being split at the facility.

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KMP

Apache Corporation (NYSE:APA): Closing price $

Apache announced Thursday that an Australian subsidiary and its partners have reached long-term sales and purchase agreements with Chubu Electric Power Company, for liquefied natural gas from the Chevron-operated Wheatstone Project in Western Australia. The Wheatstone partners will provide Chubu Electric with 1 million metric tons per annum of LNG for a miximum of 20 years. In addition, via its 13-percent share in the Wheatstone Project, the Apache subsidiary Apache Julimar, will supply 0.13 mtpa from natural gas — approximately 19 million cubic feet of gas per day– produced at the Julimar and Brunello fields in offshore production license WA-49-L.

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APA

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