Chevron (NYSE:CVX) was ordered by Brazil’s government to shut down one of its wells in the oil field where a spill occurred last month. Though the firm says the targeted well only accounted for less than 8K barrels a day of production, it signals the increasing oversight and regulation it can expect in the region.
Enbridge Energy (NYSE:EEP) shares fall in premarket trading following its announcement of a secondary offering of class A common units.
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Flotek Industries (NYSE:FTK) jumps after Global Hunter initiates coverage of the shares with a Buy. The firm says the oilfield services company generates solid free cash flow, and is positioned to benefit from substantial global growth opportunities.
Shell (RDS.A) announces it will comply with new EU sanctions by ceasing operations in Syria. Reports suggest increasing army defections, implying there is either civil war looming or maybe that the end is near for Assad.
Western Refining (NYSE:WNR) gets a boost from an upgrade to Outperform by Credit Suisse on valuation. Credit Suisse says the refiner has sold off quite a bit since the Seaway pipeline reversal announcement. This is on weak Q4 margins, and it’s overdone. The company has reduced debt, gathered unprofitable ventures and improved cash flow recently, which should equate to higher multiples over the near term.
HollyFrontier (HFC) gets a bump higher after being upgraded to Buy on valuation at Bank of America (NYSE:BAC) Merrill Lynch, citing improving industry fundamentals.
Atlas Pipeline Partners (NYSE:APL) trades higher. The trade is after signing an agreement to provide natural gas gathering and processing services for Exxon Mobil’s (NYSE:XOM) subsidiary XTO Energy in Oklahoma’s Woodford Shale. The deal is part of an ongoing effort by Atlas to expand its Velma, Oklahoma plant.
ConocoPhillips (NYSE:COP) provides and update on its capital plans. It added $10B to its share program to repurchase and launched a $15.5B capital program to chiefly support E&P segment expenditures.
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