4 Energy Stock Stories Moving Into Headlines On Tuesday

TransCanada Corp. (NYSE:TRP): Closing price $45.51

A Natural Resources Defense Council report released on Tuesday said that carbon-dioxide emissions caused by the Keystone XL pipeline could be over four times higher than a draft the United States analysis found. The New York-based environmental group NRDC, which opposes the $5.3-billion project to connect Alberta’s oil sands to refineries on the Gulf Coast, projects that Keystone would add up to 1.2 billion metric tons of carbon pollution to the atmosphere over a period of 50 years, which constitutes a much higher rate than calculated in a State Department draft environmental analysis. The NRDC report states that, “Tar sands oil production causes the release of huge amounts of carbon pollution, both from its energy-intensive extraction methods and refining processes and also from its destruction of boreal forests, peatlands and wetlands.”

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TRP

Total (NYSE:TOT): Closing price $52.80

Total’s entry into Papua New Guinea could have gone better, after two exploration wells found little natural gas, said the French major’s Australian partner in the project. In a statement released on Tuesday, Oil Search Ltd. said that the first two exploration wells in a campaign to access new natural gas resources in the country, Flinders and Hagana, had provided only “relatively modest” amounts of the fuel. However, Oil Search said that both wells had intersected good-quality types of rock, which possibly indicates the presence of larger natural gas reserves nearby that might be targeted employing further drilling.

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TOT

Tesoro Corp. (NYSE:TSO): Closing price $54.06

Commissioners of the Port of Vancouver in Washington have okayed Tesoro’s proposal to construct a 120,000-barrel-per-day crude-by-rail complex. The board decided during a meeting in Vancouver to clear the ground lease for the project. Tesoro is working jointly with Savage Cos. to build a station at the port, on the Columbia River north of Portland, that would unload oil from rail cars and stow it onto vessels for delivery to markets along the Pacific Coast. Tesoro’s proposal comes during intensified scrutiny regarding crude-by-rail projects after a Montreal, Maine & Atlantic train hauling oil rolled loose from its parking spot on July 6 and crashed in Lac-Megantic, Quebec, incinerating 30 buildings and killing a minimum of 47 people.

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TSO

Barrick Gold Corp. (NYSE:ABX): Current price $18.10

On Tuesday, Barrick said that it has formed an agreement to sell Barrick Energy Inc. As a part of its capital allocation framework, Barrick is actively searching out chances to optimize its portfolio, including opportunities to divest certain parts of its non-core assets. The sale of Barrick Energy marks such a divestiture in this continuing process. Barrick will receive an aggregate consideration of roughly C$455 million, made up of cash proceeds of about C$405 million on closing, subject to the usual closing adjustments, plus a gross overriding royalty on certain lands, the estimated value of which is around C$50 million.

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ABX

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