3 Energy Stock Stories to Close the Trading Week

Statoil (NYSE:STO): Closing price $22.75

The Norwegian oil major said that its plans for the Johan Castberg oilfield in the Barents Sea are being negatively impacted by unexpected regulatory changes that could limit development in the far north. Executive Vice President, Development and Production in Norway, Oeystein Michelsen, said that Castberg is comprised of the twin Skrugard and Havis discoveries, and will now “be a bit more challenging.” The project is located around 150 miles off the coast of Hammerfest in northern Norway, requires new infrastructure and was already a challenge in terms of costs, according to Michelsen.

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STO

Phillips 66 (NYSE:PSX): Closing price $65.42

On Thursday, Phillips said that it would use more domestic shale oil at its Bayway refinery in New Jersey, and might consider exporting gasoline from the facility, due to to lower costs and as domestic fuel demand slows. The refinery is one of several on the East Coast, emerging from years of weak margins as they have relied on more expensive oil from Europe and Africa because of a lack of access to cheaper domestic crude. The shale oil revolution from the Bakken formation in North Dakota is transforming that, as East Coast refineries develop the logistics of transporting that crude by rail, which would further lower costs at refineries, which currently benefit from low power costs.

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PSX

Exxon Mobil Corporation (NYSE:XOM): Closing price $91.51

InterOil Corporation (NYSE:IOC) and its joint venture partner, Pacific LNG Group, are currently in exclusive negotiations with ExxonMobil Papua New Guinea Ltd., a a subsidiary of ExxonMobil, regarding the development of Petroleum Retention License 15, which comprises the Elk and Antelope fields in the Gulf Province of Papua New Guinea. The parties have discussed the transaction with the Government, and any future agreement will be subject to its final approval.

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XOM

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