4 Energy Stock Stories Ready at the WSCS Pump
Statoil AS (NYSE:STO): Closing price23.23
Statoil said Thursday that it will drill between 20 and 25 exploration wells off the shore of Norway in 2014 in an effort to replicate its recent high hit count in the region. Somewhere near two-thirds of the wells will be Statoil-operated, prospecting for new reserves in both frontier and in mature basin areas. As for the Barents Sea, Statoil will continue its ongoing exploration campaign with five to seven new wells, among which will include a well to test the potential of the Hoop area and further drilling in the vicinity of the Johan Castberg discoveries, formerly known as Skrugard and Havis.
Exxon Mobil Corp. (NYSE:XOM): Closing price $92.03
Exxon Mobil Pipeline Co.’s safety office said that the corporation faces a fine close to $2.7 million for the pipeline spill of thousands of barrels of Canadian crude oil in an Arkansas suburb last spring. The Pipeline and Hazardous Materials Safety Administration discovered nine probable breaches of safety rules in the rupture of the almost 70-year-old Pegasus pipeline that forced residents out of their homes. The 95,000 barrel-per-day pipeline has been shut since March 29, after spilling some 5,000 barrels in the town of Mayflower.
Valero Energy Corp. (NYSE:VLO): Closing price $39.34
Valero Energy wants the green light to double the amount of crude processed by a planned rail project at the St. Charles, Louisiana, refinery and to add a facility to a proposed plant expansion. A permit application filed with the state on October 24 indicates plans for an rail car unloading station that could receive up to 30,000 barrels per day, rather than the current 15,000. Valero was authorized to build the project in January. Besides this, the firm also asked to revise an expansion project first approved in 2007 so that a catalytic naptha hydrotreater may be added to the refinery.
Chevron Corp. (NYSE:CVX): Closing price $119.89
Chevron CEO John Watson has had a session with a number of analysts since his company posted third-quarter earnings on November 1, featuring budget talks over everything else. The firm’s capital spending is running beyond its 2013 budget, and company executives said last week that this year’s spending plan would be some 10 percent higher than the $36.7 billion that was budgeted, mostly because of land purchases. Energy investors have long been concerned about soaring spending by oil majors, trying instead to get more cash. Meanwhile, Raymond James analysts said of their meeting that Watson was “noncommittal” as to whether the $36.7 billion 2013 budget would be a “peak” for Chevron.