4 Energy Stock Stories Fueling Investment Chatter
BP (NYSE:BP): Closing price $46.91
Three years following the Deepwater Horizon disaster, BP said on Tuesday that it has built up its biggest fleet to date in the Gulf of Mexico, adding two drilling rigs in recent weeks to its U.S. offshore operations. The two rigs brought BP’s Gulf fleet to nine, after two others added in late 2012. BP has contracted Seadrill’s new ultradeep-water drillship, the West Auriga, which is running in BP’s Thunder Horse field. The second facility is BP’s newly repaired Mad Dog platform, which was damaged as Hurricane Ike moved through the Gulf in 2008.
TransCanada Corp. (NYSE:TRP): Closing price $44.63
TransCanada has pushed the launch date for its $5.4 billion Keystone XL oil pipeline into 2016, marking the second delay announced in 2013, as the corporation awaits U.S. approval for the project. The pipeline would stretch from Alberta’s oil sands to the Gulf Coast and can begin operating no sooner than two years after it obtains a presidential permit, CEO Russ Girling in a Tuesday interview with Bloomberg. With the permit anticipated early in 2014, Girling told the news service, “There’s no way we can get it done faster than two years.”
Zaza Energy Corp. (NASDAQ:ZAZA): Closing price $1.02
Independent firm Zaza Energy will jointly develop some of its assets in the Eagle Ford shale play with a division of peer Texas company Sabine Oil & Gas. In a recent securities filing, Zaza said a deal was reached in September to develop some 7,600 acres in the Sweet Home prospect of the Eagle Ford in Lavaca and DeWitt counties in Texas. Sabine will carry the entirety of the drilling and completion expenses of two commitment wells and as much as $750,000 of construction costs connected with gathering and infrastructure in return for a 75 percent working interest in the acreage and in the Boening well.
Royal Dutch Shell (NYSE:RDSA) Closing price $67.48
Shell on Tuesday announced the debut of its new diesel formulation, Shell Diesel FiT, or Fuel injection Technology, at more than 60 Shell stations in the Waco-Temple area. The new, high-quality diesel formulation gives three-way protection to consumers to guard against performance-lowering gunk buildup on fuel injectors and provides enhanced anticorrosion and anti-wear protection to help maintain diesel engine performance, according to a company press release. An additional fourth level of protection is supplied to consumers residing in very cold climates to help prevent fuel gelling.