3 Energy Stock Stories to Spark Investment Chatter
Halliburton Co. (NYSE:HAL): Closing price $54.40
The oilfield services provider said Wednesday it intends to expand in the deepwater market at a minimum of 25 percent faster than the market growth rate during the next three years. Senior Vice President of Drilling and Evaluation Eric Carre cited industry projections for deepwater market growth at 11 percent annually through 2018, with 62 percent of the new wells to be drilled in the Golden Triangle: Brazil, West Africa, and the Gulf of Mexico.
Statoil ASA (NYSE:STO): Closing price $23.76
Statoil recently added the Visund North field to its list of locations where output has just begun. The Visund North field lies in the North Sea and is prolific in both oil and in gas. Statoil had earlier reported 12 fast-track projects and Visund North is among them as the sixth project to come online; it follows the successes in Visund South. The field contains total recoverable reserves of 29 million barrels of oil equivalent, while investment in the field to date is estimated worth NOK 3.3 billion.
Transocean Ltd. (NYSE:RIG): Closing price $48.87
Transocean said that a subsidiary has awarded contracts to Keppel FELS Ltd.’s shipyard in Singapore for the building of five Super B 400 Bigfoot Class jackup drilling rigs. The first rig is should be delivered from the shipyard in the first quarter of 2016, and the remaining four jackups delivered at around four-month intervals afterwards. The combined capital cost for the five rigs should come to less than $1.2 billion, excluding capitalized interest; it covers project management, shipyard contracts, all owner-furnished equipment, capital spares and inventory, and costs linked with operational readiness.