4 Energy Stock Stories Ready At The WSCS Pump

Chesapeake Energy Corp. (NYSE:CHK): Closing price $25.02

Chesapeake advised regulators this week that it has divested its stakes in trucking and natural gas firms, and is trying to get rid of real estate in Oklahoma City, as its new chief executive makes his attempts to turn the company around. The number-two domestic natural gas producer has reduced spending and promised capital discipline after its liquidity crunch of 2012, spurred by years of heavy spending on acreage in American shale formations and low natural gas prices. However, the company as it is now is more financially fit, but still must deal with a deficit between operating cash flow and capital expenditure that analysts at Barclays calculate at $1.8 billion for 2013.

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BP (NYSE:BP): Closing price $41.39

The oil explorers BP, ConocoPhillips and Statoil ASA are among companies investing a minimum of $3 billion in wells off Angola in 2014 in that country’s largest deepwater drilling campaign, according to Wood Mackenzie Ltd. analyst David Thomson, by phone, who related that the parties will drill 20 wells beneath a layer of salt around 3 miles under the seabed at an expense of roughly $150 million each, and that shifting rigs from the Gulf of Mexico could contribute another $50 million in costs per well. The drilling will test the industry’s Atlantic mirror theory that huge deposits of oil deep beneath the sea off West Africa similar to those across the ocean in Brazil may exist, in which some of the heftiest finds of the last decade have been made. For its part, Angola hopes that it can access offshore reserves to help it exceed those of Nigeria, and become Africa’s number-one oil producer.

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Enbridge Inc. (NYSE:ENB): Closing price $43.06

Senior Vice President, Operations, Rich Adams for Enbridge, has requested that the EPA extend its deadline past December 31, observing that “Enbridge’s preparation for dredging in the Delta and Morrow Lake area has been discontinued due to an unanticipated issue with securing a dredge pad site.” The cleanup work is mandated by EPA’s March 2013 administrative order, which requires Enbridge to conclude its additional dredging by the end of 2013 above the Ceresco Dam, upstream of Battle Creek and in the Morrow Lake Delta. While the dredging is ongoing, 12 miles of the river will be temporarily closed; Enbridge will dredge roughly 350,000 cubic yards of contaminated sediment during this phase of the cleanup.

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NewLead Holdings Ltd. (NASDAQ:NEWL): Closing price $0.1530

On Friday, NewLead Holdings announced that the NASDAQ Stock Market LLC has accepted its plan to regain compliance with NASDAQ Listing Rule 5250C-1, which will allow the continued listing of its common stock on the NASDAQ Global Select Market.

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