3 Energy Stock Stories Sparking Investment Chatter
Royal Dutch Shell (NYSE:RDSA): Closing price $64.91
Shell’s Nigerian division said on Monday that the Trans-Niger Pipeline was closed after a fire was reported within its joint venture right-of-way at Patrick Waterside, Bodo, in Ogoniland, close to the pipeline. The fire was contained, but the shut-in is deterring the transport of some 150,000 barrels of oil per day from the pipeline, Precious Okolobo, a representative for Shell Petroleum Development Co. of Nigeria, said to The Wall Street Journal via a statement. The shut-in will continue until safety checks are finished.
Enterprise Products Partners LP (NYSE:EPD): Closing price $61.50
Enterprise on Monday reported an expansion of its wholly owned Aegis Pipeline after strong interest from shippers was indicated. Long-term accords have been executed, which support growing the size of the Aegis pipeline to 20 inches in diameter, and will make delivery of as much as 425,000 barrels per day of ethane to the expanding petrochemical corridor along the Gulf Coast easier. The 270-mile Aegis pipeline will originate at Enterprise’s Mont Belvieu, Texas, liquids storage complex and, via connections to other Enterprise-owned pipelines, will deliver purity ethane to ethylene production facilities between Beaumont, Texas, and Napoleonville, Louisiana. Aegis will begin service in phases, with initial deliveies anticipated to begin during the second quarter of next year.
Apache Corp. (NYSE:APA): Closing price $88.67
Apache has elected to stop exploring the offshore oil block in Kenya for hydrocarbons. The corporation will exit the country and is expected to search for other commercially viable projects that show better prospects. In 2012, Apache sold 50 percent of its ownership in L8 Block, located off the coast of Kenya. Tullow Oil PLC of the United Kingdom and Pancontinental of Australia partnered with Apache in the block. Concurrently, Apache also ceased operating the Mbawa-1 well of the block, as it was unable to get it profitable commercially.