Energy Biz Replay: Chevron’s Fire Response QUESTIONED, Petrobras’ Expected PROFITS
The investigation of Hercules Offshore, Inc. (NASDAQ:HERO) by United States securities regulators has been dropped, as the inquiry into bribery allegations involving the drilling contractor was completed. The firm had been the subject of an investigation into possible violations of the Foreign Corrupt Practices Act, which concerned bribery in its international operations.
Investing Insights: Gold and Silver Flat, Silver Wheaton SURGES 5%.
Chevron Corporation’s (NYSE:CVX) response to the fire at its huge Richmond, California refinery was not well received by residents who wondered how such a small leak quickly burst into a conflagration that put hundreds of sick people in hospitals. Somewhat separately, the firm will not comment on the impact the fire and shutdown could have on the gasoline market, but analysts predict that West Coast petrol prices might soon pass $4 per gallon.
Shares of Petrobras (NYSE:PBR) jump on the promise of more lucrative gasoline sales, since Brazil’s energy minister pronounced that an increase in local fuel prices is necessary. Regulators allowed PBR to increase wholesale prices for gasoline and diesel in June for the first time in six years, but still analysts contended that it wasn’t sufficient to reverse losses in distribution and refining.
Anadarko Petroleum (NYSE:APC) receives offers for coalbed methane properties in Wyoming along with some pipeline assets, says the second quarter earnings report from Warren Resources (NASDAQ:WRES), which owns the other half of the asset that APC is trying to divest. The former intends to decide whether to buy an interest, once it sees the results of the bid.
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