3 Energy Stock Stories Making a Monday Buzz
Chesapeake Energy Corp. (NYSE:CHK): Closing price $25.02
Chesapeake Energy Corp. Chief Executive Doug Lawler announced Monday that four executives are exiting the firm, as part of a continuing reorganization effort. Chief Operating Officer and Executive Vice President Steve Dixon of operations and geosciences; Executive Vice President Jeff Fisher, of production; Senior Vice President Steve Miller, of drilling; and Senior Vice President Martha Burger, of human and corporate resources, “are leaving the company to pursue other opportunities,” wrote Lawler wrote in an email to company employees Monday afternoon. The changes are effective immediately.
TransCanada Corp. (NYSE:TRP): Closing price $45.37
An Arc Financial Corp. report indicates that in excess of 700,00 barrels per day of new rail terminal oil capacity should be built by 2015, competing with the 850,000 bpd being proposed by TransCanada Corp. for the Keystone XL pipeline. Several firms including Gibson Energy Inc., Altex Energy Ltd. and Tundra Energy Marketing Ltd. have established joint ventures having rail operators and producers to construct new terminals and to transport landlocked Western Canadian crude to markets spanning North America. The idea of rail transport was once thought a costly alternative to pipelines, but the rail industry has stepped up to meet the increasing requirements of Alberta producers, while new pipeline proposals are hamstrung in intense regulatory and environmental scrutiny.
ConocoPhillips (NYSE:COP): Closing price $66.10
ConocoPhillips has applied for permits to allow the development of a new field in the National Petroleum Reserve in Alaska, which is a vast unit of federal land that has yet to yield commercially produced oil, said the federal agency that oversees the reserve. The firm applied to drill a production well at a site it calls GMT1, forming a part of the Greater Moose’s Tooth unit established in an area where its exploration wells found oil, according to spokeswoman Erin Curtis of the Bureau of Land Management on Friday.