4 Energy Stock Stories Making Headlines Before the Weekend
Royal Dutch Shell (NYSE:RDSA): Closing price $66.97
Shell said Friday that after it agreed to pay various and sundry levies that the Nigerian regulator claimed were overdue, the country’s maritime regulator will at once lift the blockade of ships belonging to Nigeria LNG Ltd. NLNG spokeswoman Kudo Eresia-Eke announced in a statement that NLNG agreed on Friday to pay the Nigerian Maritime Administration and Safety Agency a total of $140 million to cover arrears in these levies, noting that the company had earlier made an initial payment of $20 million. Eresia-Eke said that the levies were being paid “under protest,” as they become due prior to a judicial ruling as to whether these payments are justified and can be obtained.
Exxon Mobil Corp. (NYSE:XOM): Closing price $93.40
It is thought that ExxonMobil is so confident of its prospects in the unexplored Black Sea, that it will shell out $735 million to drill only two deep-water wells off the coast of Ukraine. The outlay is made up of a $335 million signing bonus for Ukraine’s government, and a promise to invest a further $400 million on seismic surveys and drilling two wells, said an Energy Ministry official. The oil giant made a natural gas discovery in neighboring Romania that might flow sufficiently fast to supply half of that country’s consumption, and now Exxon plans explorations in Bulgaria, Russia and Ukraine.
Kodiak Oil & Gas Corp. (NYSE: KOG): Closing price $8.59
On Friday, the oil and gas exploration and production company announced the closing of the previously reported purchase of core Bakken and Three Forks producing properties, an undeveloped leasehold in the Williston Basin from the private oil and gas firm Liberty Resources. Included in the acquisition are roughly 42,000 net leasehold acres, and net output of some 5,600 barrels of oil equivalent per day (which was the average net production for June), located in McKenzie and Williams Counties, North Dakota.
Chevron Corp. (NYSE:CVX): Closing price $124.06
The National Energy Board of Canada has refused Chevron Corp.’s bid to obtain priority access to oil shipped on the Trans Mountain pipeline for its British Columbia refinery, contending that the facility could operate by using existing supply sources. The company had tried to secure a supply for its 55,000 barrels-per-day refinery in Burnaby, since it was having problems making sure that it could find enough oil on the chronically over-booked pipeline, which transports Alberta crude to British Columbia and Puget Sound, in order to keep the refinery operating.
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