4 Energy Stock Stories Ready to Spark Investment Interest
Occidental Petroleum Corp. (NYSE:OXY): Closing price $96.41
Occidental will make a decision prior to the end of 2013 on whether to split its California operations into a separate entity as the final phase of a breakup plan. Chief Executive Stephen Chazen said Tuesday on a conference call that agreements on asset sales ranging from the Middle East to North Dakota will be accomplished before the corporation can evaluate the prospects of a California separation, explaining, “Separating California from the rest could enhance the visibility and attractiveness of the remaining business.”
Chevron Corp. (NYSE:CVX): Closing price $121.44
Paulo Fernandes, an executive in Sonangol’s production department, told an industry conference in Luanda on Tuesday that Angola LNG’s production will fall short of design capacity through next year after upstream problems including a rig disaster forced the company to bring new supplies from other blocks. The $10 billion project is operated by Chevron, with a 36.4 percent share, while Sonangol has a 22.8 percent interest. Other stakeholders include Total, BP and ENI.
Petroleo Brasileiro – Petrobras (NYSE:PBR): Closing price $17.32
Three sources told Bloomberg that China National Petroleum Corp., that country’s top oil producer, is close to acquiring Petroleo Brasileiro SA’s assets in Peru for more than $2 billion. The proposed deal could be announced as early as November, according to one of the sources.
FX Energy Inc. (NASDAQ:FXEN): Closing price $3.69
FX Energy has that it plans to frack a tight gas zone in its Gorka Duchowna-1 well in Block 246 in central Poland, immediately west of the Fences Concession area and roughly 5 kilometers south of the Bronsko and Koscian gas fields. A drill stem test of an interval between 2,261 meters and 2,290 meters recovered gas and drilling mud with no water, with the methane content of the gas reported as 69 percent. Interpreted porosity in the zone ranges between 3 percent and 7 percent. FX plans to cement a 5-inch liner in the well to 2,315 meters and then prepare to frack the well.
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