4 Important Stories Affecting 2 Dow 30 Energy Stocks This Week
Exxon Mobil Corporation (NYSE:XOM): Current price $88.54
Genesis Energy (NYSE:GEL) will invest around $125 million to enhance existing assets and develop new infrastructure in Louisiana to link into Exxon Mobil Corporation’s Baton Rouge Refinery, one of the biggest refinery complexes in North America with refining capacity for over 500,000 barrels per day. The project should bring positive economic benefits both for the community of Baton Rouge and also the state of Louisiana. Additionally, Genesis will improve its current terminal at Port Hudson, Louisiana and build a new 18 mile-20 diameter crude oil pipeline linking Port Hudson to the Maryland Terminal and continuing downstream to the Anchorage Tank Farm. The firm will also construct a new crude oil unit train facility at the Baton Rouge Maryland Terminal.
Chevron Corporation (NYSE:CVX): Current price $115.50
The Cabinda Gulf Oil Company subsidiary of Chevron will go forward with the development of the Mafumeira Sul project lying offshore Angola. The $5.6 billion Mafumeira Sul project marks the second phase of development of the Mafumeira Field located in Block 0. Mafumeira Sul should reach its first oil output in 2015 and then build toward peak total daily production of 110,000 barrels of crude oil along with 10,000 barrels of liquefied petroleum gas. The subsidiary is the operator and holds a 39.2 perfect interest in Mafumeira Sul. Chevron’s partners include Sonangol E.P. at 43 percent, Total (NYSE:TOT) with 10 percent and ENI (NYSE:E) with 9.8 percent.
Chevron announces the 20th find off the Western Australian coast since mid-2009 by its Australian subsidiary subsequent to further drilling success in the Exmouth Plateau area in the prolific Carnarvon Basin, a premier hydrocarbon basin. The Kentish Knock South-1 exploration discovery well net 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 (NYSE:RDSA) also holds 50 percent.
Chevron said that an international arbitration tribunal found that the Republic of Ecuador has violated the tribunal’s previous Interim Awards authorized under international law and a treaty between the United States and Ecuador by not preventing the attempted enforcement of a $19 billion ruling against Chevron.
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