Energy Sector Review: Harris CapRock Contract with Chevron, New Petrobras CEO’s Plans

Petroleo Brasileiro SA (NYSE:PBR): Maria das Gracas Foster, the new CEO of Petrobras (NYSE:PBR), is looking to boost oil and gas output, Reuters reports. She says she is not planning to expand the investment budget for the oil company, but is prepared to delay targets to meet safety requirements.

The shares closed at $29.03, down $1.11, or 3.68%, on the day. Its market capitalization is $189.34 billion.

Chevron Corporation (NYSE:CVX): Harris CapRock Communications (NYSE:HRS) has signed a contract to provide telecommunications systems and infrastructure for Chevron’s (NYSE:CVX) Big Foot platform project in the Gulf of Mexico. The systems integration work will support all aspects of the project from design through Factory Acceptance Testing. The Big Foot platform is the sixth facility operated by Chevron U.S.A. in the deepwater Gulf of Mexico, and is located 225 miles offshore from New Orleans, La., in water depths of 5,300 feet. The development will have a production capacity of 75,000 barrels of oil and 25M cubic feet of natural gas per day. The first oil is anticipated in 2014.

The shares closed at $106.49, up $0.11, or 0.1%, on the day. Its market capitalization is $212.07 billion.

BP plc (NYSE:BP): In Houston, U.S. District Judge Keith P. Ellison said BP (NYSE:BP) must face fraud claims by investors who said the company lied before and after the 2010 Gulf oil spill about its accident response capability, reports Bloomberg.

The shares closed at $46.47, down $0.9, or 1.9%, on the day. Its market capitalization is $146.98 billion.

Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.