4 Energy Stock Stories to Spark Investment Chatter
Pioneer Natural Resources Company (NYSE:PXD): Closing price $124.57
On Thursday, Pioneer said that it added proved reserves in the amount of 161 million barrels of oil equivalent during last year from discoveries, extensions, improved recovery and technical revisions of previous reserve estimates. These drillbit-proved reserve additions correspond to replacing 264 percent of the firm’s full-year 2012 production of 61 million barrels (including proved reserves used for field fuel of 3 million barrls and production of 1 million barrels from South Africa before its its sale). The drillbit finding and development cost related to proved-reserve additions was $17.72 per barrel of oil equivalent.
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Plains All American Pipeline (NYSE:PAA) Closing price $52.18
The company is constructing a 55-mile extension of its previously announced Mississippian Lime pipeline in order to service growing output in the Mississippian Lime resource play of western Oklahoma and southwest Kansas. The extension should be brought online in the fourth quarter, and will supply up to 75,000 barrels per day of crude oil throughput capacity from Coldwater in Comanche County, Kansas to Byron in Alfalfa County, Oklahoma. Crude oil will flow from Byron, on PAA’s Mississippian Lime pipeline to its terminal in Cushing. The extension is backed by a long-term commitment from an area producer.
Chevron Corporation (NYSE:CVX): Current price $114.95
Chevron announced its 20th find off the Western Australia since mid-2009 by its Australian subsidiary subsequent to further drilling success in the Exmouth Plateau area, lying in the prolific Carnarvon Basin, a premier hydrocarbon basin. The Kentish Knock South-1 exploration discovery well met around 246 feet of net gas pay in the upper Mungaroo Sands. The bore was drilled in 3,832 feet of water to a total depth of 10,056 feet. Chevron Australia is the operator of WA-365-P with a 50 percent interest while Shell Development also holds 50 percent.
MDU Resources Group (NYSE:MDU) Closing price $23.31
On Thursday, MDU and Calumet Specialty Products Partners (NASDAQ:CLMT) reported that they have created a joint venture through which to develop, construct and operate a diesel refinery on a 318-acre site located west of Dickinson in Stark County, in southwestern North Dakota. The joint venture will be named Dakota Prairie Refining. MDU’s participation in the joint venture will be via its wholly owned subsidiary, WBI Energy. The facility should process some 20,000 barrels per day of Bakken crude oil. Construction might commence this spring, and is expected to take up to 20 months.
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