4 Energy Stock Stories for a Tuesday Drive
BP (NYSE:BP): Closing price $44.20
BP faces new lawsuits in California, as Alameda County District Attorney Nancy O’Malley alleges that officials of the firm’s units, including Atlntic Richfield, instructed some gas stations in that state to place leak detection sensors so they could not detect leaks at the earliest possible opportunity. Also, lawsuits have been brought by the California Attorney General’s office and seven county district attorneys regarding claims that the BP units violated environmental laws by failing to inspect and maintain underground storage tanks at 780 gas stations in the state.
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Royal Dutch Shell (NYSE:RDSA): Closing price $68.86
The National Energy Board of Canada on Monday okayed a liquefied natural gas export license for Royal Dutch Shell’s planned LNG export plant on the Pacific coast of British Columbia. Exports of as much as 670 million tons of LNG over the next 25 years were covered by the license, representing 3.23 billion cubic feet of gas per day. The license was awarded to LNG Canada Development, which is a Shell-led consortium which includes Mitsubishi Corp, PetroChina and Korea Gas Corp.
Enterprise Products Partners (NYSE:EPD): Closing price $55.05
On Monday, Enterprise announced a public offering of 8 million units representing limited partner interests in the partnership, which also will grant the underwriters a 30-day option to buy up to 1.2 million additional common units to cover any over-allotments. The company will use the net proceeds for general partnership purposes, which might include repayment of debt, including the repayment of amounts outstanding under its multi-year revolving credit facility or commercial paper program, working capital, capital expenditures, and purchases.
PBF Energy (NYSE:PBF) Closing price $35.86
PBF reports the completion of the second crude oil unloading facility at its subsidiary’s Delaware City Refinery. The building of the 70,000 barrel-per-day rail facility was announced in mid-2012 and was completed on schedule and on budget. The first unit train of Bakken crude oil should to discharge this week with seventeen additional unit trains set to arrive in the next two weeks. Now that this project is finished, the Delaware City rail facilities are capable of discharging 110,000 barrels per day of crude oil directly at the refinery, or 40,000 of heavy crude oil and 70,000 of light crude oil.