Energy Sector Review: Exxon and Chevron Like Obama’s State of the Union

Continental Resources (NYSE:CLR) reported production of 75,219 barrels of oil equivalent per day, or Boepd, for Q4, a 57% increase over Q4 2010 and an increase of 13% over Q3 2011. Crude oil accounted for 72% of Continental’s Q4 2011 production. The company’s production exit rate for December 2011 was 78,260 Boepd, a 52% increase over December 2010. January 2012 production continues at more than 80,000 Boepd thus far. Full-year 2011 production totaled 22.6 MMBoe, a 43% increase over 2010. Continental increased year-end 2011 proved reserves to 508 MMBoe, 39% higher than 2010.

The shares closed at $82.47, up $8.24, or 11.1%, on the day. Its market capitalization is $14.88 billion.

McDermott International (NYSE:MDR) announced that its Australian subsidiary has received and signed a letter of award for the Ichthys Gas-condensate Field Development subsea umbilical, riser, flowline project by INPEX. The contract value is in the order of magnitude of $2B and is the largest subsea contract McDermott has been awarded to date. McDermott’s specialty subsea vessel North Ocean 102 will undertake the installation of subsea hardware, moorings, risers, umbilicals and flowlines for Ichthys SURF project.

The shares closed at $13.13, up $1.19, or 9.97%, on the day. Its market capitalization is $3.09 billion.

RPC, Inc. (NYSE:RES) announced that its Board of Directors has approved a three-for-two split of the company’s outstanding common shares. The split will be effected by issuing one additional share of common stock for every two shares of common stock held. The additional share of common stock will be distributed on March 9 to holders of record at the close of business on Feb. 10. No fractional shares will be issued. Fractional share amounts resulting from the split will be paid to stockholders in cash.

The shares closed at $16.03, down $1.5, or 8.56%, on the day. Its market capitalization is $2.38 billion.

Hess Corp. (NYSE:HES): Projection includes the sale of Snohvit, but excludes the impact of any other potential asset sales and any production that may result from the restoration of our operations in Libya. Company says long term growth target for production and reserves remains 3-5% per year, but if 2012 were used as a base, company would project growth through 2017 to be in the range of 4-7% per year.

The shares closed at $57.31, down $3.01, or 4.99%, on the day. Its market capitalization is $19.48 billion.

Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX): President Obama last night proposed opening up more offshore areas to oil and gas drilling, according to The Hill. The president also proposed a minimum tax that corporations would have to pay, the publication added.

XOM shares closed at $87.22, up $0.04, or 0.05%, on the day. Its market capitalization is $418.06 billion.

CVX shares closed at $107.73, up $1.01, or 0.95%, on the day. Its market capitalization is $214.54 billion.

ConocoPhillips (NYSE:COP) announced they and the China National Offshore Oil Corp., or CNOOC, (NYSE:CEO) have reached an agreement with China’s Ministry of Agriculture to resolve issues related to the June 2011 incidents at the Peng Lai 19-3 field in Bohai Bay. Under this agreement, RMB1B, or approximately $160M, will be paid as compensation to settle public and private claims of potentially affected fishermen in relevant Bohai Bay communities. The agreement fulfills the objectives of the compensation fund announced in September 2011 by ConocoPhillips. ConocoPhillips will also designate a portion, RMB100M, or approximately $16M, of the company’s previously announced environmental fund to be used to improve fishery resources. ConocoPhillips is committed to delivering on environmental stewardship as a responsible corporate citizen in China and around the world.

The shares closed at $69.98, down $0.63, or 0.89%, on the day. Its market capitalization is $92.93 billion.

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