4 Energy Stock Stories Sparking Chatter
Exxon Mobil Corp. (NYSE:XOM): Closing price $85.51
ExxonMobil has brought a lawsuit against FX Networks LLC and its studio affiliates to disallow their use of a logo the oil firm says infringes on its interlocking XX logo. David Beck, ExxonMobil’s attorney, said in Thursday filing in federal court in Houston that “ExxonMobil has invested many millions of dollars for more than four decades in advertising and promoting” the logo. FX Networks and its studio affiliates kicked off the FXX TV network in September with a logo sporting an interlocking XX design, according to the complaint.
BP (NYSE:BP): Closing price $42.37
A federal appeals court has given BP a mixed victory on a dispute concerning Gulf oil spill settlement claims. The court instructed Judge Carl Barbier to “give further consideration” to BP claims that the terms of the multibillion-dollar resolution were being misinterpreted, and that the formula used to calculate potential losses should be clarified, said media reports. However, the decision was a divided opinion, with a third judge agreeing that BP was attempting to change the rules “in the middle of a game it had already agreed to play.” BP reached an accord with most private plaintiffs in March 2012, just before the first phase of its trial.
Apache Corp. (NYSE:APA): Closing price $85.63
Apache reported the closure of its previously outlined divestiture plan of Gulf of Mexico Shelf assets. The firm sold the properties to Fieldwood Energy LLC, which is a subsidiary of the private equity firm Riverstone Holdings, for a cash total of about $3.75 billion. The properties cover more than 1.9 million acres, with proved reserves of 133 million barrels of liquids and 636 billion cubic feet of natural gas.
Phillips 66 (NYSE:PSX): Closing price $59.58
Phillips shares closed up by 0.64 percent on Thursday as investors noted another round of dividend rate hikes. The company increased its quarterly common stock dividend by 25 percent to 39 cents per share to be paid on December 2 to shareholders of record as of November 14. Phillips paid a dividend of 31.25 cents in the prior quarter.