Chevron Corporation (NYSE:CVX) reports a natural gas discovery by its Australian subsidiary in the Greater Gorgon Area of the Carnarvon Basin, which lies offshore to Western Australia. This particular well is located in the WA-37-L permit area in the Greater Gorgon Area gas fields, about 40 miles northwest of Barrow Island, and was drilled in 690 feet of water to a total depth of 16,581 feet. The Pontus-1 exploration well encountered around 97 feet of net gas pay. Chevron Australia, the operator of WA-37-L, holds a 47.3 percent investment in the permit, with Exxon Mobil Corporation (NYSE:XOM) and Shell Development Australia (RDS.A) both with 25 percent. Osaka Gas holds 1.25 percent, Tokyo Gas 1 percent and Chubu Electric Power holds around 0.42 percent.
The General Electric Company’s (NYSE:GE) GE Capital, Healthcare Financial Services reports that it was the administrative agent on a $60 million senior secured revolving credit facility for Diplomat Pharmacy, Inc. The proceeds will be used to refinance the firm’s existing credit facility, and also for general corporate purposes. GE Capital Markets was the sole lead arranger and also the only book runner on the facility.
International Business Machines Corporation (NYSE:IBM): International Data Corp. estimates that information technology expenditures in India are projected to increase by 16.3 percent to $43.57 billion in 2012, through increased spending by small and medium enterprises plus rising investment in emerging technologies, according to The Economic Times.
JPMorgan Chase & Co. (NYSE:JPM): Investors are moving to stocks of large companies that pay dividends, particularly those perceived as less vulnerable to a stalling economy or chaos in Europe, according to the Wall Street Journal. The problem is that their popularity has driven the prices up, so these so-called defensive stocks might have already run too far.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.