4 Energy Stock Stories to Fuel Investor Interest
Kinder Morgan Energy Partners (NYSE:KMP): Closing price $88.30
On Wednesday, the firm said that Kinder Morgan Canada Terminals has reached long-term contracts in support of the building of an additional 1.2 million barrels of merchant storage capacity at Trans Mountain Pipelines Edmonton terminal in Strathcona County, Alberta. Building of the new tankage should begin this spring subsequent to receipt of supporting permits, with completion anticipated for late 2014. The cost of Phase 2 will be roughly $112 million.
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Buckeye Partners (NYSE:BPL) Closing price $52.15
Buckeye announced Wednesday that it has begun a public offering of 6 million limited partnership units representing limited partner interests pursuant to an effective shelf registration statement. The company expects to allow the underwriters an option to buy as many as 900,000 additional LP Units. Buckeye will use the net proceeds from this offering to shrink the indebtedness outstanding under its revolving credit facility.
General Electric Company (NYSE:GE): Closing price $22.11
General Electric and Toshiba should begin talks aimed towards theformation of a 50-50 joint venture for the development and sale of fossil-fuel power equipment, says the Nikkei, which said that the parties might introduce the venture as soon as this year.
BP (NYSE:BP): Closing price $44.12
The British oil major said it is targeting the year 2018 for the first gas output from the second phase of Azerbaijan’s Shah Deniz gas project, constituting a major development aimed at shrinking European dependence on Russia for its energy provisions. Production from Shah Deniz II should reach 16 billion cubic meters of natural gas per year; 10 bcm is earmarked for Europe and 6 bcm for Turkey.