3 Energy Stock Stories Fueling Tuesday Investment Chatter
BP (NYSE:BP): Closing price $42.54
BP has established a hotline for persons to report alleged fraud regarding claims emerging from its massive 2010 oil spill in the Gulf of Mexico. Monday’s intro of the hotline is a week after a federal appeals court heard BP’s contention that it has been forced to pay hundreds of millions of dollars in settlement money to firms bringing inflated or false claims. A three-judge panel from the 5th United States Circuit Court of Appeals did not say how quickly it would rule in the case. Earlier in July, a federal judge chose the former FBI Director Louis Freeh to look into alleged misconduct by an attorney who helped to administer BP’s multibillion-dollar resolution with Gulf Coast residents and businesses.
Suncor Energy Inc. (NYSE:SU): Closing price $31.27
Suncor Energy has returned to full output conditions at its oil sands operations. Since the restart of the Enbridge regional oil sands pipeline system earlier in July, the company has been accelerating its oil sands production as pipeline and storage capacity would permit. On June 24, Suncor said that, resulting from the precautionary closure of the Enbridge pipeline system within the Fort McMurray region, it had to lower output from its oil sands operations, but has worked to assuage the impact by employing existing storage capacity, and continuing to move product on its Oil Sands pipeline.
Chevron Corp. (NYSE:CVX): Closing price $124.12
Chevron’s trial will not be postponed in a civil racketeering case in which it alleges that Ecuadorians made up evidence so as to win a $19-billion verdict in a pollution lawsuit. The oil major sued Ecuadorians who claimed that it was responsible for pollution in the Amazon rainforest, and accused the plaintiffs and their attorney, Steven Donziger in New York, of trumping up evidence in the case. A trial in Manhattan federal court is set for October 15. In the meantime, Donziger’s lawyer John Keker advised United States District Judge Lewis Kaplan in May that he was exiting the case because he had not been paid. On Tuesday, Judge Kaplan denied Donziger’s request to delay the proceedings, saying that he has had months to find another attorney, and that Keker began “complaining publicly” about not getting paid as early as last March.