4 Energy Stock Stories To Close the Trading Week

Royal Dutch Shell (NYSE:RDSA): Current price $24.55

On Thursday night, the Kremlin announced that Shell has reached a deal with Gazprom, through which the latter will make a new attempt at Arctic oil exploration. The parties are poised to sign an accord that will cover joint offshore drilling in the Russian Arctic along with shale oil projects onshore in Western Siberia. The new arrangement will be announced next week when Russian President Vladimir Putin pays a visit to the Netherlands, in which the Anglo-Dutch company is headquartered.

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RDSA

BP (NYSE:BP): Current price $41.30

The British super-major is expected to ask United States District Judge Carl Barbier in New Orleans for an injunction at a hearing on Friday halting the administrator handling its $8.5 billion resolution over the 2010 oil spill from paying certain claims, contending that his decisions could cost it billions more than expected. In the court filing, BP said that settlement administrator Patrick Juneau’s decisions have already exposed the company “to hundreds of millions of dollars in fictitious ‘losses’ that were never contemplated by the agreement. Although the ultimate exposure is at this time inestimable, it grows daily and could cost BP billions.”

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BP

Enbridge (NYSE:ENB): Current price $44.41

Late Thursday, Enbridge reached an agreement with Royal Bank of Canada and Toronto-Dominion Securities to sell 10.85 million treasury common shares, on a bought deal basis, at $46.11 per common share for distribution to the public. Closing of the offering should occur on or about April 16. Further. the company has granted the underwriters an option, exercisable at any time up to 48 hours prior to the close, to buy up to an additional 2.17 million treasury common shares at the same price per share.

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ENB

Sunoco Logistics Partners (NYSE:SXL): Current price $61.60

The firm has just said that it still expects the first phase of its West Texas-Nederland crude oil pipeline project to commence operations in the second quarter. In its Permian Express project, Sunoco is reversing the flow of an existing pipeline to transport crude from the Permian Basin to refineries in the Houston area, with initial capacity is anticipated at 90,000 barrels per day. A spokesperson said that ”We remain on schedule for phase one with a second quarter start up. This would be the 90,000 barrels per day with a target of increasing to 150,000 barrels a day at the end of the year or early next year. We remain on schedule.”

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SXL

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