3 Energy Stock Stories Making Headlines On A Bad Day In The Middle East
BP (NYSE:BP): Closing price $41.27
According to a Reuters report, Egyptian oil and gas output by energy majors including BP and BG has not been impacted by the violence in Egypt, although Royal Dutch Shell (NYSE:RDSA) has shut its office for the next several days and restricted business travel. A BP spokesman said, after at least 525 people were killed in a security crackdown, that “Operations and production are unaffected. We are monitoring the security situation in the (urban) areas where we have offices. All our people are safe and accounted for.” Egypt produces about 728,000 barrels of oil per day, which comprises roughly 0.9 percent of world output, and 60.9 billion cubic meters of gas, 1.8 percent of the global supply. BP produces some 15 percent of that oil and more than 30 percent of the gas, along with its partners, among which include Shell.
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