4 Energy Stock Stories Making Weekend Waves

Royal Dutch Shell (NYSE:RDSA): Closing price $64.42

Nigeria’s military now says that a leak found on a pipeline operated by Royal Dutch Shell’s Nigerian division was caused by corrosion. Oil spills are common in Nigeria’s Niger Delta and have caused sizable environmental damage, but they are most typicallly blamed on thieves who tap into pipelines to siphon off oil. Through its website on Niger Delta oil spills, Shell says that it remains committed to cleaning up spills, no matter what the cause, but where spills are found to be its fault, financial penalties are potentially higher. Shell has reported at least 105 oil spills in the Niger Delta so far in 2013.

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RDSA-20130823

TransCanada Corp. (NYSE:TRP): Closing price $43.59

On Friday, the State Department’s Office on the Inspector General announced that it is reviewing whether recommendations it made in a separate February 2012 report into conflict questions regarding another Keystone contractor are being pursued as the Department conducts an environmental review of the $5.3 billion project. The investigation of an alleged conflict of interest by a State Department contractor reviewing the proposed Keystone XL pipeline will not be finished until January, according to spokesman Douglas Welty, for the watchdog agency in an e-mail. Earlier in August, the inspector general’s office said that it opened an inquiry into allegations made by Friends of the Earth and other Keystone critics, that ERM Group Inc., which is writing the supplemental impact statement, has financial connections with TransCanada Corp., a sponsor of Keystone.

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TRP-20130823

Apache Corp. (NYSE:APA): Closing price $79.80

Apache has a difficult choice to make in Egypt, as to whether to divest its substantial oil and natural gas operations there, or wait out the recent violence. The energy firm has said that it is assessing the value of its Egyptian interests, which comprised about one-fifth of its world oil and gas output, and 27 percent of its revenue in 2012. Production has not thus far been affected by the violence, but Apache’s shares have fallen by 5 percent since July 3, when former Egyptian President Mohamed Mursi was overthrown. Analyst Fadel Gheit at Oppenheimer & Co remarked that ”The sooner they get the hell out of there, the better. Investors have plenty of risk in the stock market. They don’t want civil war risk in their portfolios, too.”

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BP (NYSE:BP): Closing price $41.51

Working jointly, India’s Reliance Industries and BP have made a deep-water gas condensate discovery in the Cauvery basin, which lies off India’s Coromandel coast. The find was made in the CYIIID5-S1 well, on Block CY-DWN-2001/2, which was drilled to a total depth of 5,731 meters, in a water depth of 1,743 meters, to explore Mesozoic-aged reservoirs. The initial evaluation of well data and fluid samples showed that the well intersected a gross hydrocarbon column of 143 meters in the reservoir interval. A drill stem test was conducted, and the well flowed at a rate of 35.2 million cubic feet of gas per day and 413 barrels per day of condensate, on a 20.6 millimeter choke.

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BP-20130823

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