4 Energy Stock Stories to Spark Some Investment Chatter
Petrobras – Petróleo Brasileiro SA (NYSE:PBR): Closing price $16.33
Petrobras President Maria das Gracas Foster admits to be “uncomfortable” with news that her company might have been the target of spying by the United States, but said she does not think that any crucial tech was stolen. Foster told a committee in the Brazilian senate that, “This [allegation of spying] makes us uncomfortable. We don’t know what got out.” The committee is investigating claims made by a Brazilian television station that the U.S. National Security Agency spied on Brazil’s President Dilma Rousseff and Petrobras, based on documents supplied by the former.
Chevron Corp. (NYSE:CVX): Closing price $125.82
An international arbitration tribunal has issued a partial award in favor of Chevron and its subsidiary, Texaco Petroleum Co. The tribunal ruled that the settlement and release agreements, which the government of Ecuador reached with Texaco, released the firm and its affiliates of any liability for all public interest or collective environmental claims.
It commented that, “The Lago Agrio plaintiffs lawyers have repeatedly admitted, and the relief in the Lago Agrio judgment makes clear, that their claims are exclusively collective and not individual. The arbitration stems from the government o Ecuador’s interference in the ongoing environmental lawsuit against the company and its courts failure to administer justice in a trial that has been marred by multiple instances of fraud.”
ConocoPhillips (NYSE:COP): Closing price $70.56
Alaska’s acting Natural Resources Commissioner Joe Balash wants ConocoPhillips to restart its closed Kenai Peninsula liquefied natural gas plant to supply an incentive for petroleum firms to explore and invest in Cook Inlet. In a September 5 letter to ConocoPhillips President Trond-Erik Johansen, Balash asked that the firm apply for a three-year federal LNG export license for the facility at Nikiski, located 70 miles southwest of Anchorage. In March, ConocoPhillips said it would not extend its natural gas export license beyond March 31, but also indicated that it would consider a new license if the requirements of local gas markets were met and sufficient natural gas was on hand for export purposes.
British Petroleum plc (NYSE:BP): Closing price $42.42
BP is among a number of big Western oil companies, including Royal Dutch Shell and Exxon Mobil Corp., that are negotiating with the government of Iraq to reduce their oil output plateaus in that country, lowering Iraq’s overall production target of 12 million barrels per day, according to a senior Iraqi oil official. While these talks have been ongoing since last year, Russia’s OAO Lukoil Holdings and Italy’s number-one oil producer Eni SpA have become the first companies to reduce their output targets in 2013.