Energy Biz Rewind: A123 Makes A DEAL In China, Chesapeake Requested For DOCUMENTS
A123 Systems, Inc. (NASDAQ:AONE) shares spike then back off a bit, on word that the company made a deal with China’s Ray Power Systems, through which a 2MW grid energy storage system will be provided. Ray Power declares that the deal should “validate the technical capabilities” of grid storage, and for its part A123 hopes that the agreement will open up new opportunities in China.
Shares of Chesapeake Energy Corporation (NYSE:CHK) fell Friday on heavy volume. It seems that the Securities and Exchange Commission’s Texas office has been demanding CHK documents, as a part of an inquiry into the firm’s deals with Chief Executive Aubrey McClendon, according to reuters. At the same time, Baker Hughes, Inc. (NYSE:BHI) says that the rig count for domestic natural gas wells has dropped to 518, due to price weakness. The number is down by 45 percent from October’s high, and marks a 13-year low.
Occidental Petroleum Corporation (NYSE:OXY) has appointed Cynthia Walker as Executive Vice President and Chief Financial Officer, effective August 6th. Ms. Walker will take over the position from James Lienert, who has been the firm’s Chief Financial Officer for the past two years. Lienert will continue with Occidental as Executive Vice President of Business Support.
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