Energy Biz Replay: Penn West Updates Program, Conoco Starts Gas Flow
Penn West Petroleum (NYSE:PWE) is updating its asset-sale program, reporting it has arrangements in principle to divest certain non-core properties for approximately C$1.3 billion. Neither the buyers nor the assets are identified, but the company confirms that more than one sale was involved and that the properties currently yield an output of 12,000 barrels of energy equivalent a day.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
ConocoPhillips (NYSE:COP) has started flowing gas from the Boreas-1 exploration well located in western Australia’s offshore Browse basin. Its well partner Karoon Gas reports that the well had flowed at a constrained stabilized rate of 30.2 million cf/per day, and marks the first of a planned five well campaign in the Greater Poseidon area being conducted by Conoco and Karoon.
Halliburton Company (NYSE:HAL) says that “In North America, revenue was down 5 percent and operating income was down, driven mainly by pricing pressure in hydraulic fracturing, guar cost inflation, and activity disruptions due to Hurricane Isaac. We are also seeing activity reductions by some of our customers as they continue to moderate activity to operate within their stated 2012 budgets.”
Don’t Miss: First Solar: Another Deal, Another Gain.