4 Energy Stock Stories To Ignite Investment Chatter

Petroleo Brasileiro – Petrobras (NYSE:PBR): Closing price $18.33

Petrobras President Graca Foster declared that her company’s initiatives to raise cash should not be interpreted that it was undergoing difficulties. Responding to questions from lawmakers on a Brazilian congressional committee, Foster remarked that ”Petrobras has a cash reserve of $20 billion. This information isn’t correct.” She added that a recent $11 billion bond sale by Petrobras was targeted at more growth and investment, and not at satisfying pending obligations. Beyond that, she said that the company does not plan to fully withdraw from operations in Argentina, though it does confirm its interest in divesting some assets there.

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PBR

Total (NYSE:TOT): Closing price $50.45

On Wednesday, the French oil major said that it has okayed a $1.29 billion project through which to modernize its refining and petrochemical platform at Antwerpen, its largest in Europe. Total also said that the project forms a part of Total’s strategy of concentrating its investment on its large integrated platforms to position them among the most competitive in the industry. Further, the company said that two major projects will be implemented at its Antwerpen facilities: a new refinery upgrading complex which contains a solvent de-asphalting division and a mild hydrocracking unit, and a plant to convert low-value refinery fuel gases into low-cost petrochemical feedstock.

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TOT

BP (NYSE:BP): Closing price $43.32

BP has allocated $2.85 billion through which to develop the Rumaila oilfield this year, up from $2.2 billion in 2012, as its chief of the joint management committee for the field told Reuters on Wednesday. Reinforcing production from Rumaila, which is Iraq’s most prolific oilfield, is crucial for the nation to realize its ambition of elevating oil exports to 6 million barrels per day by 2017.

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BP

Noble Energy (NYSE:NBL): Closing price $119.09

Noble announced Wednesday that it had found natural gas at the Karish prospect offshore Israel. The discovery bore was drilled to a total depth of 15,783 feet and met 184 feet of net natural gas pay in high-quality lower Miocene sands. The Karish well, lying in the Alon C license about 20 miles northeast of the Tamar field, is in 5,700 feet of water. Discovered gross resources, together with the de-risked resources in an adjacent fault block on the license, are thought to range between 1.6 and 2.0 trillion cubic feet with a gross mean of 1.8.

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NBL

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