3 Energy Stock Stories Making Headlines In a Busy Earnings Week
BP (NYSE:BP): Closing price $43.01
On Friday, a federal judge refused to temporarily block a multibillion-dollar resolution program for the compensation of victims of BP’s 2010 Gulf oil spill, explaining that he has found no evidence of widespread fraud among the tens of thousands of claims. Further, the judge said that he was offended by what he saw as endeavors to “smear” the lawyer administering the claims. BP has contended that all payments to Gulf Coast residents and businesses should be suspended while former FBI Director Louis Freeh looks into alleged misconduct by an attorney who was employed by claims administrator Patrick Juneau on the settlement program.
Schlumberger Ltd. (NYSE:SLB): Closing price $82.74
The oil major on Friday posted second-quarter revenue of $11.18 billion, versus $10.57 billion in the first quarter, and $10.34 billion year-over-year from 2012. Income from continuing operations attributable to Schlumberger, subtracting charges and credits, came to $1.54 billion, representing a rise of 19 percent sequentially, and an increase of 14 percent year-over-year. Diluted earnings-per-share from continuing operations, excluding charges and credits, stood at $1.15, versus $0.97 in the first quarter, and $1.01 in the same period of 2012. Schlumberger finalized its wind down of service operations in Iran during the second quarter, as well.
Phillips 66 (NYSE:PSX): Closing price $57.49
In a settlement of pollution violations regarding wastewater from its Billings refinery, Phillips has paid $17,075. The Montana Department of Environmental Quality says that the company’s refinery surpassed chlorine limits in its wastewater in 2010, and the limits on oil and grease last year. The agency advised that chlorine is toxic to fish, so limits exist as to how much may enter a stream. Phillips used chlorinated water to test a large storage tank for leaks, but failed to remove the chlorine before draining the tank.
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