3 Energy Stock Stories Making Headlines on Thursday

Apache Corporation (NYSE:APA): Closing price $83.60

On Thursday, Apache said that it will sell its Gulf of Mexico Shelf operations and properties to Fieldwood Energy, an affiliate of Riverstone Holdings, for cash proceeds of $3.75 billion. Further, Fieldwood will assume all asset retirement obligations for these properties, which, as of June 30, the seller estimated at a discounted value of around $1.5 billion. Apache will keep 50 percent of its ownership interest in all exploration blocks and in horizons below production in developed blocks, in which high-potential deep hydrocarbon plays are being tested.

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APA

Chevron Corp. (NYSE:CVX): Closing price $125.47

Chevron is among the owners of West African Gas Pipeline Co., which provides natural gas from Nigeria, and resumed deliveries from a pipeline on July 12. Company spokeswoman Harriet Wereko-Brobby said that “The West African gas pipeline has now been repaired, re-commissioned and back in operation,” in an e-mailed statement Thursday from Accra, adding that Force majeure was lifted on July 11. The company, also known as WAPCo, delivers gas to buyers in Benin, Togo and Ghana. On August 28, WAPCo shut down the link and declared a force majeure following a ship’s anchor damaging it in Togolese waters.

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CVX

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX): Closing price $28.17

At Freeport’s July 16 annual shareholders meeting, Freeport’s shareholders voted against okaying the compensation of executives at the world’s number-one publicly traded copper producer, the company said Thursday in a filing. An investor proposal mandating that Freeport’s chairman to be an independent director was approved, together with a proposal permitting holders of 15 percent of Freeport shares to call a special investor meeting.

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FCX

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