4 Energy Stock Stories Ready at the WSCS Pump

Occidental Petroleum Corporation (NYSE:OXY): Closing price $88.09

The shareholder advisory firm Glass Lewis has taken back its initial recommendation for a vote opposing Executive Chairman Ray Irani after the company clarifyied its plans for Chief Executive Steve Chazen’s replacement. Occidental had been forced earlier in April to deny a “fight at the top” between the two executives. Glass Lewis had originally feared that the continued presence of 78-year-old Irani on the board as chairman might deter Occidental from finding a replacement for Chazen, but with the latter, like Irani, now ready to stay on until the end of 2014, the point became moot, said Glass Lewis.

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OXY

 Murphy Oil Corporation (NYSE:MUR): Closing price $60.63

Next week, Murphy will file its final documents with the Securities and Exchange Commission, in anticipation of winning approval to spin off its whole United States retail unit, according to President and Chief Executive Steven A. Cosse during the corporation’s earnings call on Wednesday. The company is also requesting the spinoff being a tax-free transaction, and so it is looking for a favorable decision from the IRS in the matter. Upon the hoped-for approvals by both agencies, the deal should occur in the second half, said Cosse.

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MUR

Pioneer Natural Resources Co. (NYSE:PXD): Closing price $126.31

The Permian Basin oil producer saw its shares rise the most in more than two years following first-quarter profit that surpassed forecasts and the firm’s decision to speed up drilling plans in what it thinks could become the largest crude find in United States history. Pioneer shares increased by 6.7 percent to $126.93 at 12:15 p.m. in New York, and earlier they jumped by 7.5 percent, marking the biggest intraday gain since Nov. 10, 2011. First-quarter profit, excluding a slump in the value of forward contracts, was 5 cents over the average of 34 analysts’ estimates compiled by Bloomberg.

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BP (NYSE:BP): Closing price $43.53

On Thursday, the BP PLC-led Shah Deniz consortium said that it has begun exploring binding transportation offers from two pipeline consortiums competing to transport natural gas from the offshore Shah Deniz gas field in Azerbaijan into Europe. The step represents another milestone for the project, while a final investment decision is expected by the end of 2013, and will have major ramifications for the region’s energy policy by helping to diversify Europe’s gas supplies away from reliance on Russia. the total investment amount for the development of the second phase of the Shah Deniz gas field and the pipelines to ship the gas into Europe is calculated at roughly $40 billion, including about $25 billion for the upstream portion of the project.

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BP

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