4 Energy Stock Stories Fueling Friday Headlines

BP (NYSE:BP): Closing price $41.17

On Friday, BP reported that it is bringing some staff out of Egypt while unrest escalated subsequent to the ousting of former President Mohammed Morsi by the military. The decision by the key Egypt oil and gas producer indicates that the nation’s political crisis might be beginning to affect one of the country’s most lucrative  industries. BP said through a statement that “as a precautionary measure, we will be withdrawing a number of non-essential expatriate staff, contractors and families on a  temporary basis,” adding that all staff is safe and its local oil and gas output is not impacted.

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BP

Canadian National Railway Company (NYSE:CMI): Closing price $110.69

Canadian National wants to tap into the growing demand in North America for shale gas, by introducing service in the autumn to a new frac sand terminal being constructed in northwestern Alberta. The railway said on Wednesday that it has signed an arrangement with Di-Corp, which distributes specialty chemicals and equipment to the mining industry, and is building a facility to process the material utilized in the hydraulic fracturing process that is growing in popularity, especially in the United States. Financial particulars were not reported.

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CMI

Royal Dutch Shell (NYSE:RDSA): Closing price $63.19

Shell said on Friday that an incident last month on a pipeline operated by its Nigerian joint venture, led to the oil major’s most significant oil spill in that country in 2013. In a report posted on its website, Shell said that the June 19th incident released 2,699 barrels of oil into the environment, although it also said that 1,881 barrels were burned off as a result of a fire. Shell’s Nigerian joint venture, Shell Petroleum and Development Co., said the spill that forced it to close its 150,000 barrels-per-day Trans Niger Pipeline was caused by oil theft.

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RDSA

Cameco (NYSE:CCJ): Closing price $20.71

Cameco said today that unionized employees at its Port Hope conversion facility have approved new collective agreements. Over 250 employees, represented by United Steelworkers locals 13173 and 8562, have signed onto three-year contracts which include a 6-percent wage rise over the term of the agreements. The previous contracts expired on June 30th. Cameco’s Port Hope plant is the sole uranium conversion facility in Canada that supplies uranium hexafluoride, and also the only commercial supplier of natural uranium dioxide conversion services which are needed to produce fuel for Candu nuclear reactors. The total workforce at the Port Hope conversion facility, including managers and salaried employees, comes to roughly 370.

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CCJ

Don’t Miss: What Is Unrest in Egypt Doing to Oil Prices?

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