Walter Energy Reveals Q3 Impairment, Peabody Goes To Mongolia: Energy Biz Review
Walter Energy (NYSE:WLT) reports that its third quarter earnings will include a goodwill impairment charge of up to $1.1 billion, resulting from modifications in the world outlook for met coal, along with sluggishness of late in global demand.
Peabody Energy Corporation (NYSE:BTU) is jumping at the prospect of accessing Mongolia’s massive coal resources, and anticipates the resumption of discussions with the government early next year in regards to the purchase of a stake in the undeveloped western block of the Tavan Tolgoi deposit. The company took part of a consortium that won a bid in 2011 on a development, only to see the bid process turned down by the government after Japan and South Korea objected to the process.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Shares of Carrizo Oil & Gas (NASDAQ:CRZO) move up on the announcement that the stock will supplant Overseas Shipholding Group (NYSE:OSG) in the S&P SmallCap 600 index, following the close of trading on October 29th.
Enbridge (NYSE:ENB) will transfer C$1.2 billion of crude oil storage, solar power and wind power assets to Enbridge Income Fund. ENB, which already holds slightly below an approximate 20 percent interest in the fund. It return, the company expects to receive cash proceeds of C$222 million, along with another C$582 million in the form of term debt of the fund.