4 Energy Stock Stories Making Headlines
ConocoPhillips (NYSE:COP): Closing price $73.89
ConocoPhillips on Monday announced first oil output from its Ekofisk South development project in the Norwegian North Sea last week. The Ekofisk South project startup marks an important milestone for ConocoPhillips, Executive Vice President of Exploration and Production Matt Fox said. This step is the first of a number of new major project startups that will contribute to the company’s growth over the next few years, with a second project, Eldfisk II, set to start by early 2015.
BP (NYSE:BP): Closing price $43.74
This week, BP will reveal that its aggregate bill for the Gulf of Mexico disaster has ballooned to more than $43 billion, The Telegraph reports. The company is also expected to say that low refining margins have caused profits to sag by as much as 37 percent. The costs of the 2010 disaster had already jumped to $42.4 billion when BP last updated the market in July, and analysts predict that it may increase that figure by a further $1 billion when it reports third-quarter results on Tuesday.
Statoil ASA (NYSE:STO): Closing price $23.89
Statoil said Monday that it intends to construct a new platform at its Snorre field in the North Sea so as to extract another 300 million barrels of oil and extend the project’s lifetime to 2040. The $6.79 billion project has been in doubt since the Norwegian government decided in May to raise taxes, but Statoil has nonetheless increased its recoverable reserves, while its chief partner in the project, state holding firm Petoro, has also lobbied forcefully for the new platform.
Consol Energy Inc. (NYSE:CNX): Closing price $37.96
Consol has made a transformative step to advance its E&P growth strategy — it will divest its Consolidation Coal Co. subsidiary, which contains all five of its long wall coal mines in West Virginia, to a subsidiary of Murray Energy Corp. at a price of $3.5 billion. Consideration includes $850 million in cash to be paid at the close and future payments expected to total close to $184 million in value resulting from the retention of a royalty on select reserves, certain water treatment payments, and tolling fees at Consol’s Baltimore Terminal.
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