4 Energy Stock Stories Sparking Investor Chatter
Exxon Mobil Corp. (NYSE:XOM): Closing price $92.98
ExxonMobil saw mixed investor reaction (up by 0.25 percent Monday) to the extension that its affiliates have obtained on deep-water licenses, offshore Madagascar. The extension has allowed ExxonMobil to resume exploration activities on the Ampasindava, Majunga and Cap St. Andre licenses following a four-year hiatus. The extensions to all three output-sharing contract licenses were formally reported in July.
Statoil ASA (NYSE:STO): Closing price $22.92
Statoil is ready to drill a fourth wildcat nearby its Johan Castberg discovery in the Barents Sea, after receiving the official green light, with keenly-awaited results due soon on the third bore that is currently drilling. Thus far, the state-owned player has turned up only disappointing gas finds with a couple of earlier wells, Nunatak and Iskrystall, drilled close to the find, as it attempts to prove up more oil resources to make the stalled Arctic field project more economically sound.
YPF SA (NYSE:YPF): Closing price $23.48
YPF says that it has discovered a new conventional oil well in the western Mendoza province of Argentina, which will contribute 15 million barrels of crude to its reserves. Starting output at the El Manzano bloc is should be roughly 535 barrels per day, according to an announcement on Sunday. The discovery would suggest a 2.5 percent rise in YPF’s proven reserves at the end of 2012, taking into account that its total declared reserves in that year’s annual report came to 590 million barrels of oil.
FirstEnergy Corp. (NYSE:FE): Closing price $36.55
FirstEnergy has posted a broad description on its website of its multibillion-dollar plan to rebuild its high-voltage transmission system. The plan means that customers should see a delivery rates increase, although the amount remains uncertain. However, the slide show outline on the website suggests that the company forecasts that the rebuilding will lead to a 20-percent yearly growth in its transmission net income.