3 Energy Stock Stories To Kick Off the Trading Week

Chevron Corporation (NYSE:CVX): Closing price $124.09

The Chevron and Phillips66 (NYSE:PSX) joint venture Chevron Phillips Chemical, reported Monday it will expand ethylene output by 200 million pounds by 2014, with the construction of a tenth furnace at its Sweeny complex in Old Ocean, in Brazoria County. The new furnace at the complex should also reduce emissions, said the company’s announcement. It is anticipated that construction will begin within the next quarter, with the startup expected next year. Dave Smith, the firm’s olefins and natural gas liquids vice president commented that “This furnace addition will provide additional ethylene supply to meet the growing global demand to better serve our customers and provide additional supply prior to starting up our proposed U.S. Gulf Coast petrochemicals project in 2017.”

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CVX

BP (NYSE:BP): Closing price $43.42

The United Kingdom oil major BP finalized the sale of its Carson, California refinery and other assets to Tesoro Corporation, an independent refiner and marketer of petroleum products on Saturday, at a price of $2.4 billion. BP reported plans to divest its Carson and Texas City refineries in February of 2011 as a portion of a strategy shift. The Texas City refinery sale to Marathon Petroleum Corp., which also came to $2.4 billion and included other assets, closed earlier in 2013.

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BP

Kinder Morgan Energy Partners (NYSE: KMP): Closing price $83.82

On Monday, the Kinder Morgan announced that it will spend roughly $107 million to expand its Kinder Morgan Crude and Condensate pipeline system deeper into the Eagle Ford Shale play located in Karnes County, Texas. The expansion, backed by a long-term contract with ConocoPhillips, will lengthen the 178-mile pipeline by 31 miles from the KMCC DeWitt station in DeWitt County, Texas, to the ConocoPhillips Central Delivery Facility close to Helena in Karnes County. Kinder Morgan (NYSE:KMI) will also construct receipt tanks and a truck unloading facility adjacent to ConocoPhillips Helena Central Delivery Facility. Kinder Morgan expects to commence construction on the project in July.

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KMP

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