3 Energy Stock Stories To Spark Weekend Investment Chatter

Marathon Petroleum Corp. (NYSE:MPC): Closing price $71.94

Independent domestic refiners were quite impacted by soaring ethanol credit costs, which further cut into profits that were already down due to higher crude oil prices. Many refiners purchase ethanol credits so as to comply with cleaner-fuel regulations in the United States. Prices for the credits skyrocketed during the quarter, and could lead to higher prices at gas stations. The number-three United States refiner, Marathon Petroleum Corp, with seven facilities on the Gulf Coast and in the Midwest, reported that it spent $20 million per month during the quarter on the credits. The firm is among those refiners who blends much of its own product, but must still buy more. “We need to buy RINs because we don’t generate enough to meet our demand internally.”

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BP (NYSE:BP): Closing price $41.93

Some Indiana and Michigan residents are worried about Lake Michigan’s water quality, and have delivered a petition to Governor Mike Pence’s office that urges environmental regulators to mandate that BP reduce its mercury discharges into the lake. The petition was signed by 450 people, and urges the state of Indiana and federal regulators to “act aggressively to protect our nationally treasured Lake Michigan” by forcing BP to lower mercury releases at its Whiting refinery some 20 miles southeast of Chicago.

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Freeport McMoRan Copper & Gold Inc. (NYSE:FCX): Closing price $29.23

A Freeport spokeswoman said that underground output at Freeport McMoRan Copper and Gold Inc’s unit in Indonesia is running at 50 percent of capacity, adding that it will take “a couple of months” before full capacity is reached. In May, a collapse of a training tunnel killed 28 people at the world’s second-largest copper mine, causing operations across the mine site to be closed for weeks while safety investigations were conducted. On the other hand, open-pit mining has been running at full capacity since July 4, while underground operations re-started in early July. The firm had expected that moving up to full-capacity would take one month.

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