Oil and Gas Company Update: BP, Exxon, Chevron

BP Plc (NYSE:BP) requested predictable “pricing regime for natural gas” from the Indian government. This request is connected with development projects for 23 blocks of gas and oil that BP acquired in India last year. Also, BP trial in New Orleans (with regards to the oil spill) has been postponed to March 5th.

Exxon Mobil (NYSE:XOM) contemplates to explore for oil in Kurdistan region of Iraq. The agreement with local government allows Exxon 5-year exploration term and production period of 20 years. Also, the firm announced increase of its annual capital expenditure by $4 billion to $37 billion per year.

Chevron Corp. (NYSE:CVX) signed a shale gas exploration agreement in China. Also, the firm is postponing expansion of natural gas processing facility in Nigeria.

Here’s how these stocks are reacting to the news:

BP plc (NYSE:BP): BP shares recently traded at $47.74, up $0.75, or 1.6%. They have traded in a 52-week range of $33.62 to $49.09. Volume today was 10,237,523 shares versus a 3-month average volume of 7,358,250 shares. The company’s trailing P/E is 5.92, while trailing earnings are $8.06 per share.

Exxon Mobil Corp. (NYSE:XOM): XOM shares recently traded at $87.54, up $0.2, or 0.23%. They have traded in a 52-week range of $67.03 to $88.13. Volume today was 5,416,172 shares versus a 3-month average volume of 16,977,200 shares. The company’s trailing P/E is 10.40, while trailing earnings are $8.42 per share.

Chevron Corp. (NYSE:CVX): CVX shares recently traded at $109.80, up $0.72, or 0.66%. They have traded in a 52-week range of $86.68 to $110.99. Volume today was 4,273,876 shares versus a 3-month average volume of 7,364,380 shares. The company’s trailing P/E is 8.17, while trailing earnings are $13.44 per share.

To contact the reporter on this story: Alex Capel at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com