4 Energy Stock Stories Ready at the WSCS Pump
Halliburton Co. (NYSE:HAL): Closing price $49.54
Halliburton said Thursday that the Department of Justice concluded its inquiry of the oil company’s role in the Macondo well incident. A federal judge in New Orleans accepted a single misdemeanor guilty plea for the unauthorized deletion of a computer record that was created after the Macondo well incident and imposed a fine of $200,000 and three years’ probation. The matter was resolved through a previously announced cooperation plea accord between a Halliburton subsidiary and the government agency.
CNOOC Ltd. (NYSE:CEO): Closing price $209.60
Nexen is mulling establishing its own liquefied natural gas project on Canada’s West Coast, leveraging its 30,000 acres of shale gas deposits in northeast British Columbia and parent firm CNOOC’s large expertise in the transportation of natural gas. Chief Executive Kevin Reinhart at Nexen said, “It is quite possible.” In April, the government of British Columbia received separate proposals from Nexen and three other firms for non-binding expressions of interest for projects at Grassy Point location.
BP (NYSE:BP): Closing price $42.34
BP cancelled contracts to construct an expensive, bespoke extension to its Mad Dog oil project in the Gulf of Mexico that has been under review since April because of cost inflation and uncertain future oil prices. The oil major’s decision to pull back its ambitions on the project, in the same region as its 2010 Macondo oil spill disaster, will impact its output growth prospects and indicates the growing cost pressures on big oil projects globally.
Statoil ASA (NYSE:STO): Closing price $23.10
A report from UpStream says Statoil is poised to unveil, on October 1, the proposed development concept for the colossal Johan Sverdrup field off Norway, which will require multiple platforms together with a large accommodation division. All industry observers are watching the upcoming announcement from Statoil, which is acting as the so-called pre-unitization operator in the development planning phase, since the multibillion dollar project will entail huge fabrication and installation contracts. The field, which holds resources presently estimated at between 1.7 billion and 3.3 billion barrels of oil equivalent by Statoil’s partner, Lundin Petroleum, is scheduled to be brought online as a phased development from 2018.