4 Energy Stocks Stories Getting Monday Traction

Chesapeake Energy Corp. (NYSE:CHK): Closing price $26.40

In a Monday statement by its attorneys, Chesapeake said that it will release over 13,000 acres of land leased for oil and gas drilling in New York state, while a ban on fracking moves into its sixth year. The company will terminate the leases in Tioga and Broome counties in the southern part of the state, thus ending a two-year legal struggle with more than 200 landowners, said the law firm Levene Gouldin & Thompson, representing the landowners. The impending accord was reported by Reuters in August.

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Statoil ASA (NYSE:STO): Closing price $22.46

Statoil is partnering with ABB Ltd. to develop solutions for subsea electrical power transmission and distribution for electrification of fields lying off Norway and on other parts of the globe. The project will probably involve investments of some $100 million over a five-year period. The jointly funded program, led by Statoil and participation by other oil firms, will have ABB as its tech partner in the form of a cost-shared joint industrial program.

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Royal Dutch Shell plc (NYSE:RDSA): Closing price $64.94

Shell said that on Monday it purchased for cancellation 550,000 B Shares at a price of 2144.13 pence apiece. Subsequent to the cancellation of these shares, the remaining number of A Shares of Royal Dutch Shell will stand at 3,821,611,712, and the remaining number of B Shares will be 2,509,244,307.

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BP (NYSE:BP): Closing price $41.90

BP reported that its deep-water gas discovery in the East Nile Delta is significant. The bore is in 2,129 feet of water and reaches a total depth of about 22,966 feet, making it the deepest well ever drilled in the Nile Delta — the water formation in northern Egypt at which the Nile spreads out and drains into the Mediterranean. The British oil major said on Monday that data from its Salamat well confirmed gas and condensate in approximately 125 net feet of Oligocene sands. Oligocene deposits is the name applied to a type of older tertiary rocks, which include soft sands, sandstones, and limestones.

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Don’t Miss: Chesapeake Loses in New York and Pennsylvania.