3 Energy Stock Stories Worth a Scan On Thursday

Chevron Corp. (NYSE:CVX): Closing price $127.76

The Spanish oil producer Repsol SA requests that a World Bank panel help it disallow Argentina’s state-run YPF Sociedad Anonima (NYSE:YPF) from developing assets seized from it after Chevron Corp. agreed to invest $1.24 billion in a shale venture in that country. The request was filed Wednesday to the Washington, D.C.-based International Center for Settlement of Investment Disputes, asking the arbitrator to order Argentina to hold back from developing strategic YPF assets like the Vaca Muerta shale formation, according to Repsol spokesman Kristian Rix. Chevron’s intention to tap Vaca Muerta in an accord with YPF in July comes as Repsol disputes the seizure of its 51-percent interest in the Argentine firm by President Cristina Fernandez de Kirchner’s government in 2012.

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CVX

Baker Hughes Inc. (NYSE:BHI): Closing price $47.46

The Justice Department is exploring potential antitrust problems in the market for pressure pumping services, which are employed in hydraulic fracturing, said Baker Hughes, owner of the number-three pressure pumping fleet. The market for pressure pumping equipment has been in excess supply for over a year due to a prolonged slump in natural gas prices causing a slowdown in gas-directed drilling. However, in 2011, there was an industry-wide drive to add capacity in response to a ramp-up in fracking in the United States. In its quarterly filing with the Securities and Exchange Commission, Baker Hughes said that on May 30, it had received a Civil Investigative Demand from the DOJ connected with the Antitrust Civil Process Act.

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BHI

Statoil (NYSE:STO): Closing price $22.11

Statoil’s closely monitored Cliffhanger North exploration probe located west of the huge Johan Svedrup oil field has failed in its primary goal of uncovering sandstone reservoirs from the Jurassic. However, the 16/2-18 S well did observe oil shows in basement rocks in the secondary target, displayed through core sampling, according to the junior partner Det norske oljeselskap. The explorer stressed that the results were preliminary, and commented that “data sampling and interpretation is still ongoing.” Drilled by the Ocean Vanguard semi-submersible, the PL 265 probe had intended to uncover potential on the western fault margin of the Johan Svedrup oil field.

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STO

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