4 Energy Stock Stories for a Friday Fill-Up
Exxon Mobil Corporation (NYSE:XOM): Closing price $90.04
Exxon Mobil and Iraqi Kurdistan officials paid a visit to Qara Hansher oil exploration block, which is a focus of the dispute between the central government and the autonomous Kurdish region, discussing the building of a camp there, according to a local official and sources. The talks between an Exxon executive and a top Kurdistan oil official could annoy Baghdad at a sensitive time for the Arab-led central government and the self-ruled Kurdish enclave in their battle over oil and land rights.
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Seadrill Limited (NYSE:SDRL): Closing price $39.60
Seadrill estimated in its third quarter report the downtime for the deepwater rigs in operation to be 41 days in the fourth quarter, but after closing the quarter revised estimates indicate that downtime has jumped to about 100, days, mainly because of BOP problems on several of it’s rigs. What is more, general and administrative costs have risen due to the management transition process to London, along with expenses linked to the development of one specific information tech project.
Chevron Corporation (NYSE:CVX): Current price $116.50
Chevron announces that its net oil equivalent output of 674,000 barrels per day in the fourth quarter rose by 13,000 barrels per day, or 2 percent, year-over-year from 2011.
Imperial Oil (AMEX:IMO): Closing price $44.07
Chairman, President and Chief Executive Bruce March released the following comments, in part, regarding his company’s fourth quarter financial and operating results: “Imperial Oil made significant progress in advancing its growth strategy in 2012. Earnings in the fourth quarter were $1,076 million , an increase of seven percent compared with the corresponding 2011 period. Fourth quarter Downstream earnings were $549 million , the strongest single quarter earnings on record. Solid refining operations allowed us to capture strong mid-continent refining margins. Earnings for the full year 2012 were $3,766 million , the second highest in our company’s history and up 12 percent from 2011. Both the Downstream and Chemical businesses achieved best-ever annual earnings of $1,772 million and $165 million, respectively.”