4 Energy Stock Stories For a Good Weekend Read
Petrobras – Petroleo Brasileiro (NYSE:PBR): Closing price $15.70
On Friday, Petrobras responded to a Moody’s Investors Service credit rating downgrade by predicting that its ambitious investment plan will generate increased production and cash flow. A day earlier, Moody’s downgraded the state-run company, pointing to a high level of financial leverage and persistent cash flow difficulties during a massive government-ordered investment program. The downgrade was from A3 to Baa1. Petrobras responded by noting that its credit rating is still well inside investment grade territory.
ENI SpA (NYSE:E): Closing price $46.59
The Italian oil firm and its partners including Anadarko Petroleum Corp. in Mozambique, are strongly thinking of constructing a floating liquefied natural gas platform with which to export a portion of the gas they have found in the sea offshore. The firms will likely publish documents in the next few days soliciting interest from international contractors for the project, said an oil industry official who asked not to be named.
Chevron Corp. (NYSE:CVX): Closing price $118.13
On Thursday, a second regional council in Ukraine okayed a government draft for a $10-billion shale gas output-sharing accord with Chevron, allowing it to be signed. Deputies in Lviv region voted by 66-to-3 to approve the draft, which permits shale exploration in the Olesska field in western Ukraine.
TransCanada Corp. (NYSE:TRP): Closing price $42.96
TransCanada has postponed its target date of filing an application for its proposed Energy East Pipeline with the National Energy Board until 2014, according to its Vice President of Eastern Business Development Steve Pohlod on Thursday. The executive told an energy conference in Saint John, that there is too much work to do to be able to meet its initial timetable of filing the application for the $12-billion project before the end of 2013, commenting that “There is still work we have to do out in the field and environmental work that we still have to undertake.”