4 Energy Stock Stories To Kick Off the Trading Week

Royal Dutch Shell (NYSE:RDSA): Closing price $67.50

As was strongly suggested by a number of observers a few months ago, the Shell drilling rig Kulluk, which ran aground in Alaska on New Year’s Eve did exit port so as to avoid “millions” in annual state taxes, as an official for the supermajor told a Coast Guard inquiry panel. The remarks conflict with those made prior to this by Shell, including those made by Chief Executive Peter Voser. The Coast Guard is checking out the series of problems around the transport of the barge Kulluk on December 31st of last year. The vessel was being towed by the tug Aiviq, from Dutch Harbour in Alaska to a shipyard in Washington state for maintenance, following Shell’s ill-fated 2012 drilling campaign in the Alaskan Arctic.

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RDSA

Chevron Corporation (NYSE:CVX): Closing price $126.43

One day prior to a Chevron shareholder meeting in San Ramon, California, environmental groups and activists appeared for a conference call in Oakland to insist upon the sacking of Chief Executive John Watson. Described by Amazon Watch as ‘the poster child for corporate unaccountability,’  Watson is leading Chevron into a ditch, according to activist shareholders and some anti-Chevron environmental NGOs. The oil major is still faced with a huge $19-billion verdict in the United States for an Ecuadorean oil project that turned out badly, and has seen assets frozen in Argentina in a show of solidarity from Buenos Aires.

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CVX

Total (NYSE:TOT): Closing price $51.13

The French petroleum major is divesting an interest in an exploration block off Angola to the state petroleum company Sonangol Pesquisa e Producao SA, as part of an asset-disposal program. Total will sell a 15 percent holding in the 15-06 zone that is currently operated by Eni, according to decree permitting the sale issued on February 28th and seen by Bloomberg this week. The block is not producing, but the development of discoveries in its northwest began early in 2013. Total spokeswoman Anastasia Zhivulina remarked by phone in Paris that “Talks are ongoing.”

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TOT

Statoil (NYSE:STO): Closing price $22.64

On Tuesday, the Norwegian oil and gas giant Statoil said that together with partners it has made a new oil find near the Grane field in the North Sea. The estimated volume of the discovery is between 18 and 33 million barrels of recoverable oil.

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STO

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