Statoil Will LOSE $19 Million a Day and 4 Stocks Starting the Week with Big Headlines
Statoil (NYSE:STO) will shut down production at its Oseberg Field Centre and the Oseberg South and Oseberg East fields in the North Sea and the Heidrun field in the Norwegian Sea due to striking workers. According to the company the strike could cost $19 million a day and disrupt deliveries to customers.
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Pioneer Drilling (AMEX:PDC) cites poor demand and low prices for oil and natural gas liquid prices as reasons for a lack-luster Q2. Rig utilization is now expected at the low end of previously forecast 89 – 91 percent with revenue growth at the production services division also at the low end of the previous estimate of 5 – 10 percent.
Wells Fargo (NYSE:WFC) has reached agreement to buy up WestLB’s subscription finance portfolio (subscription finance provides revolving and term loans and real estate investment funds to boost investment activities) comprising about $6 billion in commitments and outstanding issues of about $3 billion. Terms were not disclosed.
In a deal that could help push up volumes and lower production costs, Toyota (NYSE:TM) will supply BMW (BAMXY.PK) with hybrid automotive technology including hydrogen fuel cells and drive train systems.
People’s United Financial’s (NASDAQ:PBCT) deal to acquire 57 New York metro area branches and deposits of $324 million from RBS Citizens has achieved closure.