4 Energy Stock Stories Making a Commotion
Royal Dutch Shell (NYSE:RDSA): Closing price $66.72
Shell officials on Thursday said the company plans to make another, dramatically scaled-back attempt to find crude in the Arctic after a headline-grabbing 2012 season that left the firm with air pollution penalties and equipment failures. However, first the firm is getting ready to scrap the floating Kulluk conical drilling unit, which smashed aground near an Alaskan island on December 31 following a five-day struggle to tow the vessel through a storm. This time, Shell has contracted Transocean’s semi-submersible drilling unit, Polar Pioneer, to replace the Kulluk as soon as early next year.
Chevron Corp. (NYSE:CVX): Closing price $120.67
According to a filing on Wednesday in U.S. Bankruptcy Court in Chicago, Chevron wants a judge to revisit her ruling that permitted Edison Mission to retain its share of a natural gas joint venture involving the two firms, now that Edison will divest its assets to NRG Energy Inc. for $2.6 billion. Attorneys for the oil firm asked Judge Jacqueline P. Cox to reopen the case record prior to granting final approval to Edison Mission’s bid to legally “assume,” or retain, its stake in the profitable natural-gas deal.
Enbridge Inc. (NYSE:ENB): Current price $43.37
Enbridge said Thursday that it has been chosen by the Fort Hills partners Suncor Energy Inc., Total E&P Canada Ltd., and Teck Resources Ltd., along with Suncor Energy Oil Sands Limited Partnership, to develop a new, $1.6 billion pipeline by which to transport crude oil output under long-term transportation commitments to Enbridge’s mainline hub at Hardisty, Alberta. The Wood Buffalo Extension pipeline will carry volumes from the proposed Fort Hills oil sands project as well as growth from Suncor’s existing oil sands operations. The pipeline is still subject to Suncor board approval, as well as the usual regulatory approvals.
Phillips 66 (NYSE:PSX): Closing price $64.63
Phillips plans to develop a liquefied petroleum gas export terminal in Freeport, Texas. The new terminal should help meet increasing world market demand for American-supplied products. The proposed LPG export terminal will provide 4.4 million barrels per month of LPG export capacity, which is the equivalent of eight very large gas carriers. It ill be located at the site of the firm’s present marine terminal in Freeport and utilize existing Phillips 66 midstream, transportation, and storage infrastructure to supply petrochemical, heating, and transportation markets globally.