4 Energy Stock Stories To Ignite Midweek Investment Chatter

BP (NYSE:BP): Closing price $42.85

On Wednesday, BP reported that the completion of the modernization project of its Whiting Refinery in Indiana is still set for the end of June. The project necessitated the closure of Pipestill 12 last November, It is the biggest of the refinery’s three crude units and will permit the refinery to process as much as 85 percent heavy crude after modernization, up from 20 percent, by reconfiguring the crude unit and firing up a new delayed coker unit to replace an older one. An inside source said that the process of starting major, new grass roots equipment such as BP Whiting’s is methodical and involves many phases, including introducing oil, but that does not mean that streams will be coming off the tower in the next few days.

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BP

CNOOC (NYSE:CEO): Closing price $175.23

China National Offshore Oil Corp., or CNOOC, is working jointly with Iceland’s Eykon Energy in an application for a license with which to explore and produce oil and gas in Arctic water offshore Iceland, as the country’s hydrocarbon licensing manager told Dow Jones Newswires on Wednesday. Should the application be successful and a license awarded, it would represent the Chinese firm’s first move into offshore Arctic oil drilling, which is a new area the industry’s top players are keen to enter in order to replenish their reserves. But offshore Arctic oil drilling has also become more and more controversial. While believed to contain huge petroleum reserves, environmental groups oppose drilling in the pristine Arctic environment and investors have fears about the risks and potential costs to a company should an accident occur.

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CEO

Statoil (NYSE:STO): Closing price $22.53

On Wednesday, the Norwegian oil and gas firm Statoil recommended a delay of one of its prime oil projects in the Barents Sea, explaining that alterations in petroleum taxes planned by the Norwegian government places the viability of the development into question. The decision represents an acceleration in the debate concerning the impact of the tax changes on oil and gas developments in Norway, due to the large scale of the project now in question. Statoil’s announcement took observers by surprise because, “this is not a marginal project,” according to Trond Omdal, an equity analyst at Arctic Securities.

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STO

Canadian Solar (NASDAQ:CSIQ) Closing price $8.69

The huge solar power company announced Wednesday that its subsidiary, Canadian Solar Solutions, has reached an agreement with a BluEarth Renewables subsidiary, through which BluEarth will purchase four utility-scale solar power plants with an aggregate 38.5MWac, which are valued at more than $217.2 million. CIBC World Markets served as adviser to BluEarth in the transaction.

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CSIQ

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