4 Energy Stock Stories Driving Chatter On Monday

BP (NYSE:BP): Closing price $41.52

A knowledgeable source said Monday that BP is restarting the reconfigured crude distillation facility at its Whiting, Indiana refinery. A modernization effort at the refinery meant to expand the plant’s capacity to process heavier crudes has been ongoing since 2008 and the work has involved retooling its biggest crude distillation unit, which is crucial to making gasoline, along with adding new coking capacity and processing units. BP had previously said that the work would be done by the end this month. The Whiting refinery possesses the capacity to process as much as 413,000 barrels of oil per day and producing up to 15 million gallons of refined products.

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BP

Statoil (NYSE:STO): Closing price $20.14

The Norwegian oil major has discovered extra oil at its Volve field in the North Sea, according to the Norwegian Petroleum Directorate on Monday. Statoil has found an additional 3.8 million and 4.4 million barrels of recoverable oil. Earlier in June, Statoil said that new drilling proved the Volve field to hold further oil reserves in a range between 8.8 million and 9.4 million barrels, which almost doubles the estimated remaining reserves at the North Sea field. Currently, Statoil holds 59.6 percent in Volve, ExxonMobil has 30.4 percent and Bayerngas Norge has 10 percent of the license.

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STO

Royal Dutch Shell (NYSE:RDSA): Closing price $63.43

Contractors employed by a Royal Dutch Shell arm have been arrested in Nigeria as alleged accomplices in the theft of oil that caused a pipeline fire. However, one of the contractors denies that his staff has anything to do with the theft. Shell Nigeria’s joint-venture, Shell Petroleum Development Co., had previously said that the Trans-Niger Pipeline, which transports 150,000 barrels of oil daily through the Niger Delta to the Bonny terminal, was shut following a fire on Wednesday caused by oil theft. Meanwhile, a spokesman for the Nigerian army’s Joint Task Force said that the army, arriving at the site of the fire, discovered eight people whom he said Saturday are employees of two contractors hired by SPDC to repair broken pipelines; he said they were arrested and “are helping our investigations as suspected accomplices.”

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RDSA

Consolidated Edison (NYSE:ED): Closing price $56.29

Con Ed is now making it easier and less expensive for customers to convert from heating oil to natural gas in several new areas in Manhattan and in the Bronx. The company’s continuing gas infrastructure expansion program will permit customers to reduce their energy bills by transferring to low-cost natural gas. The company intends to spend some $100 million on new mains, regulators, and other upgrades in a number of neighborhoods in the two boroughs. The improvements will let Con Edison provide more natural gas to residential and business customers for heating.

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ED

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