Exxon Mobil Corp. (NYSE:XOM): Closing price $87.02
Only two weeks after its inception, an accident has halted output at Kazakhstan’s colossal Kashagan offshore oilfield. Exxon Mobil, KazMunaiGas, ENI, Royal Dutch Shell, and Total each hold 16.81 percent stakes in Kashagan. It took close to 13 years and around $50 billion before oil was first at the field in the Caspian Sea. Kazakhstan anticipates it to produce roughly 8 million tons of crude next year and eventually reach 1.5 million barrels per day. The international consortium developing Kashagan needs to start commercial output by an October deadline or pay fines via a production-sharing arrangement with Kazakhstan.
Valero Energy Corp. (NYSE:VLO): Closing price $34.33
The No. 1 domestic refiner intends to raise its light crude oil processing capacity at a number of U.S. Gulf Coast refineries through 2018, according to the firm’s investor presentation. Valero is going forward with the projects in order to increase light crude processing capacity due to the ever-increasing Texas production that reaches the refineries. In 2015, Valero will launch new crude “topping units” at its 88,000 barrel per day Houston refinery and its 200,000bpd Corpus Christi refinery that will come online in 2015. The units will assist both plants in running more light crude to maximize the output of gasoline and diesel.
Petrobras – Petroleo Brasileiro (NYSE:PBR): Closing price $15.59
The Brazilian energy giant is expanding in The Netherlands, where the indebted oil firm could reduce taxes and costs, two inside sources told Reuters. The sources elaborated that Petrobras is relocating its staff, ranging from geophysicists to financial administrators, to Dutch offices that will handle its African joint venture with Grupo BTG Pactual SA. Before the move, African operations were dealt with locally and from Rio de Janeiro, and the Dutch division had no active business operations.
Statoil ASA (NYSE:STO): Closing price $23.01
Statoil said Thursday that it discovered as much as 600 million barrels of recoverable oil off Canada, marking its third discovery in a potential new core production area. The Bay du Nord discovery in the Flemish Pass Basin was first reported in August, but the firm said that a sidetrack well drilled this week confirmed that the find is significant. The magnitude was calculated at between 300 million and 600 million barrels of recoverable oil. Executive Vice President of Drilling Tim Dodson said to MarketWatch: “It is exciting that Statoil is opening a new basin offshore Newfoundland. This brings us one step closer to becoming a producing operator in the area.”