Energy Biz Cheat Sheet: Weekly Petroleum Inventory, Chevron Drills
Quanta Services Inc.’s (NYSE:PWR) shares jumped after its subsidiary, Price Gregory Services, Inc. had been selected by TransCanada Corporation (NYSE:TRP) to participate in a joint venture. Named MPS Constructors, LLC (MPS), the project will build 1,179 miles of pipeline and infrastructure beginning in Hardisty, Alberta, down to Steele City, Neb. This is part of the TransCanada Keystone XL Pipeline project.
Chevron Corporation (NYSE:CVX) began drilling its first shale gas exploration well in Poland. This represents the start of four projects licensed by the company in the country’s southeast region. The company’s stock rose on the news.
Investing Insights: Will Exxon Shares Gain Traction After Slipping Below $80?
Marathon Oil Corporation (NYSE:MRO) is reviewing a potential 30 percent sale in a venture encompassing its Gulf of Mexico assets. The company is checking out potential Asian buyer. With the sale, the company may raise up to $1 billion; however, the company plans to sell additional assets ($1.5 billion to $3 billion) to reinvest in core operations during the next few years.
The U.S. Energy Information Administration’s (AMEX:EIA) Weekly Petroleum Inventory:
Crude (NYSE:USO): +1.8 million barrels vs. + 200,000 consensus
Gasoline (NYSE:UGA): 1.4 million vs. -1.25 million consensus
Distillates: -3.6 million vs. -1.5 million consensus
Crude futures: $93.82