4 Energy Stock Stories for Friday Perusal

Chevron Corporation (NYSE:CVX): Current price $119.62

In Houston, Chevron U.S.A. will construct a new downtown skyscraper for its growing workforce in that area. The oil supermajor said that it will build a 50-story tower having 1.7 million square feet at 1600 Louisiana St. at Pease. The new building will add to Chevron’s existing downtown presence, which includes 1500 Louisiana and 1400 Smith, which are the former Enron buildings. The firm intends for the buildings to form an “urban campus with indoor and  enhanced dining facilities, outdoor common areas, a fitness center, training and conference facilities, and additional parking.”

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CVX

Chesapeake Energy Corporation (NYSE:CHK): Current price $21.15

On Wednesday, analyst Tim Rezvan at Sterne Agee published a report in which he reiterated an Underperform and a $20 price target-on Chesapeake, and said that the company is approaching $4 billion asset sale target with minimal effect on output. Rezvan noted, “CHK’s announcement of a $1 billion print  for the long-awaited sell-down of their Eagle Ford Shale footprint is a key step  toward the company’s stated $4 billion asset sale target. While it represents yet another underwhelming sale print, the takeaway from this news is that the  company is executing toward its 2013 asset sale target with minimal cannibalization of its production stream (production being sold equals 3.8 percent of first quarter 2013 production).”

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CHK

Royal Dutch Shell (NYSE:RDSA): Current price $62.97

Shell has announced that the Vicksburg ‘A’ discovery, 120 km offshore, has been estimated to hold potentially recoverable resources of over 100 million barrels of oil equivalent. Executive Vice President, Shell Upstream Americas Exploration, Mark Shuster said that “the results of the Vicksburg well strengthen our existing deepwater Gulf of Mexico exploration portfolio and should contribute to the nearby Appomattox discovery.” Shell holds a 75-percent interest in the discovery, and CNOOC holds the remainder.

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RDS-A

CNOOC Limited (NYSE:CEO): Current price $164.45

China’s government-owned CNOOC Ltd. has expressed interest in investing in Uganda’s oil refinery and a crude export pipeline, while the country gets ready to develop its infant oil sector. In a statement, Uganda’s presidency said that CNOOC exhibited interest in the two projects after a meeting between company Chairman Wang Yilin and Uganda’s Prime Minister Amama Mbabazi, who is on a state visit to China. Cnooc, together with Tullow Oil and Total are developing Uganda’s oil fields in the Lake Albertine Rift basin.

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CEO

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