4 Energy Stock Stories Ready For a Wednesday Perusal
Exxon Mobil Corp. (NYSE:XOM): Closing price $88.85
The website of the attorney general of Pennsylvania says that the energy major has been charged with illegally dumping over 50,000 gallons of wastewater at a shale-gas drilling site in that state. Exxon’s division XTO Energy Inc. has been blamed for discharging the water from waste tanks at the Marquandt well site in Lycoming County in 2010, said a statement on the website. The pollution was found during an unannounced visit by Pennsylvania’s Department of Environmental Protection, when inspectors found a plug removed from a tank, letting the wastewater to run onto the ground, polluting a nearby stream. XTO was instructed to remove 3,000 tons of soil so as to clean up the area. The official’s statement said that wastewater discharged from natural-gas wells may contain chlorides, barium, strontium, and aluminum.
Royal Dutch Shell (NYSE:RDSA): Closing price $65.48
Royal Dutch Shell says that Iraq’s Majnoon oilfield will begin output in October at a rate of 175,000 barrels per day. Majnoon is one of four giant southern fields crucial to Iraq’s plan to double output that is currently around three million bpd. The Federal Oil Ministry reported that it had sent a letter to Shell in August for missing start-up dates at this 12-billion barrel oilfield, which was pumping some 45,000 bpd when the firm took over in 2010. It added that the postponements caused a production lag, costing Iraq $4.6 billion.
Dominion Resources Inc. (NYSE:D): Closing price $58.61
On Wednesday, Dominion welcomed approval from the Department of Energy for natural gas exports to non-Free Trade Agreement countries from its Dominion Cove Point LNG facility on the Chesapeake Bay in Lusby, Maryland. The Department previously cleared Dominion’s application to export to countries with Free Trade Agreements. It is estimated that Dominion’s proposed facilities will cost between $3.4 billion and $3.8 billion. In March, the firm filed with the Federal Energy Regulatory Commission for approval of the proposed facilities.
Anadarko Petroleum Corp. (NYSE:APC): Closing price $94.63
Anadarko and Noble Energy are working jointly to promote the benefits of oil and gas development in Colorado, while opposition to hydraulic fracturing in the state rises. The two firms’ new social outreach effort, Coloradans for Responsible Energy Development, is moving into a fracas over fracturing, with the technique now being combined with horizontal drilling in order to free oil and gas from dense rock formations. An announcer in one of the ads says, “Here, we go above and beyond on a daily basis. As we look to unlock the full oil and natural gas potential of our shale resources through fracking, we’ll do it the Colorado way.”