Energy Sector Review: BP Grows in the Gulf, Solar Inverter Market Hits Snag
YPF SA (NYSE:YPF): The Argentine unit of YPF SA (NYSE:YPF) is raising its estimates on its shale oil resources at the Vaca Muerta formation to about 23B barrels from an earlier view of around 1B barrels, reported Bloomberg, citing people familiar with the situation.
The shares closed at $35.90, up $3.44, or 10.6%, on the day. Its market capitalization is $14.12 billion.
BP plc (NYSE:BP) approved a plan to develop a “major new gas field” in the Gulf of Mexico, phase two of their Mad Dog development, with partners Chevron (NYSE:CVX) and BHP Billiton (NYSE:BHP), reports Reuters.
The shares closed at $46.97, up $0.37, or 0.79%, on the day. Its market capitalization is $148.42 billion.
Suntech Power Hldgs. Co (NYSE:STP): Despite enjoying long-term growth prospects, the global solar photovoltaic inverter space declined in 2011, with two major solar markets stalling or cutting tariffs, according to Digitimes.
The shares closed at $3.85, up $0.25, or 6.94%, on the day. Its market capitalization is $693.28 million.
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