4 Energy Stock Stories To Kick Off the New Trading Week
Exxon Mobil Corp. (NYSE:XOM): Closing price $94.03
After Exxon Mobil lowered its rates at the 238,000-barrel-a-day Joliet, Illinois refinery, Chicago fuels strengthened relative to New York futures. The discount for ultra-low-sulfur diesel fuel in Chicago decreased by 0.5 cent to 4.5 cents a gallon, compared to New York Mercantile Exchange futures at 12:43 p.m. The spread trimmed for a fifth straight day, the longest such streak since Nov. 16 of last year. The differential for conventional, 85-octane gasoline fell by 4.75 cents to 6 cents per gallon below futures, the strongest position since July 12.
Noble Energy Inc. (NYSE:NBL): Current price $62.07
A very large deal through which Australia’s Woodside Petroleum Ltd. would purchase 30 percent of the rights to the Leviathan gas reservoir for $1.25 billion, is said to be near collapse. Woodside signed a memorandum of understanding with Noble Energy Inc., Delek Group Ltd., and Ratio Oil Exploration (1992) LP last December. Pursuant to the memorandum, Woodside would make a $696 million down payment at the signing of the deal, which was set for February, but has since been frozen until the Israeli government makes a decision on its gas export policy.
Synergy Resources Corp. (AMEX:SYRG): Closing price $7.94
On Monday, Synergy said that it has modified its Turnkey Drilling Contract with Ensign United States Drilling for a total number of 25 horizontal wells to be drilled in the Wattenberg Field. Synergy, based in Colorado, is an independent exploration and production firm focused mostly on the development of its roughly 17,046 net acres in the Wattenberg Field in the Denver-Julesburg Basin in Weld County, Colorado.
Statoil ASA (NYSE:STO): Closing price $21.66
Norwegian oil firm Statoil ASA said on Monday that a project to reinforce the production at the Kvitebjorn field in the North Sea could be postponed after a footbridge to the Floatel Superior accommodation unit had to be closed because of damage. A Statoil spokesman said that it is likely to set back the December completion deadline for the project while the cause of the incident is investigated and the bridge repaired. Spokesman Lars Gunnar Dale said in an interview that “The bridge was closed for traffic due to the weather.” For some reason the bridge ran into the Kvitebjorn platform deck, and was too damaged to be used; Dale added that “The area has been cordoned off.”