Valero Energy Corp. (NYSE:VLO) stated in conference presentation slides that its board recently authorized management to continue a separation of the company’s retail business. Valero stated it is reviewing a number of possible separation transactions including a cash-efficient distribution to shareholders. The company also said, “Investors and analysts have treated Valero mainly as a refiner, ignoring higher potential value of retail segment.” The shares trade at $32.33, up 2.93% on the day. They have traded in a 52-week range of $16.40 to $32.38.
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Wells Fargo (NYSE:WFC): New regulations on derivatives, including a requirement for banks to become registered swap dealers, will not begin until January at the earliest, The New York times said yesterday, citing a statement by a spokesman for Commodity Futures Trading Commission Chairman Gary Gensler. The shares trade at $35.08, up 0.67% today. They have traded in a 52-week range of $22.61 to $35.10.
Exxon Mobil Corp. (NYSE:XOM) and Rosneft chose Vostochniy Offshore Structures Construction Yard to conduct a concept evaluation and feasibility study for a platform that will be able to safely explore Kara Sea’s shallow waters. The study will evaluate the feasibility of utilizing a gravity base structure able to extend the drilling season by a number of months. Designed to operate in as deep as 60 meters (200 feet) of water, the structure with drilling equipment is to be installed on the seabed to drill a well, and then it would be refloated and moved to other drilling sites. The shares trade at $89.95, up 1.08% on the day. They have traded in a 52-week range of $67.93 to $89.96.
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