3 Energy Stock Stories Making Headlines On A Bad Day In The Middle East

BP (NYSE:BP): Closing price $41.27

According to a Reuters report, Egyptian oil and gas output by energy majors including BP and BG has not been impacted by the violence in Egypt, although Royal Dutch Shell (NYSE:RDSA) has shut its office for the next several days and restricted business travel. A BP spokesman said, after at least 525 people were killed in a security crackdown, that “Operations and production are unaffected. We are monitoring the security situation in the (urban) areas where we have offices. All our people are safe and accounted for.” Egypt produces about 728,000 barrels of oil per day, which comprises roughly 0.9 percent of world output, and 60.9 billion cubic meters of gas, 1.8 percent of the global supply. BP produces some 15 percent of that oil and more than 30 percent of the gas, along with its partners, among which include Shell.

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Enbridge Inc. (NYSE:ENB): Closing price $42.05

Ontario Premier Kathleen Wynne says that she will address environmental fears during protests against a west-east pipeline plan which would see the transport of Alberta oil to non-Canadian markets. Protests that have emerged in the province include a blockade of an Enbridge pumping station near Hamilton in June. The protesters oppose Enbridge’s plan to reverse the flow of oil in a stretch of pipeline from Westover, Ontario, which is about 30 kilometers northwest of Hamilton, to Montreal, saying that such an action could cause a possible breach.

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Exxon Mobil Corp. (NYSE:XOM): Closing price $88.16

Knowledgeable sources say that the energy big names Exxon Mobil Corp and Royal Dutch Shell are among the suitors moving to the next round of bidding for Newfield Exploration Co.’s Malaysian and Chinese oil and gas fields which are valued at approximately $1.2 billion. Newfield and Hess Corp are among several American energy companies unloading aging and less productive oil and gas fields so as to invest in more strategic and profitable projects, especially in and near their home markets. Close to a dozen suitors were attracted to Newfield’s auction that began some two months ago. Goldman Sachs, Newfield’s advisor, has trimmed the list to at least four, inviting Canada’s Talisman Energy Inc. and KUFPEC, a unit of Kuwait Petroleum Corp, to submit second-round offers in mid-September together with Exxon and Shell, according to the sources.

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Don’t Miss: BP Sues EPA: We Have Paid Enough for Oil Spill.

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