Energy Biz Roundup: Newfield Atop S&P Leader Board, Marathon Goes To Ohio
Newfield Energy Co. (NYSE:NFX) shares move to the top of the S&P 500 leader board following word that Continental Resources (NYSE:CLR) reported a shale oil discovery in Oklahoma which could add 1.8 billion barrels of energy equivalent of crude to the latter’s reserves and is also geologically similar to the Bakken region. Newfield owns approximately 135,000 net acres in the Cana Woodford project, which is near Continental’s discovery.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
Marathon Petroleum Corporation (NYSE:MPC) and Harvest Pipeline will jointly build a truck-to-barge system on the Ohio River through which to move crude oil that is produced in the Utica shale oil play to refineries. The firm estimates that the project will allow 24,000 barrels per day of truck-unloading capacity along with a terminal that can load a maximum of 50,000 barrels a day of oil onto barges at the Ohio River in Wellsville, Ohio.
Exxon Mobil Corporation (NYSE:XOM) said late Monday that its 150,000 barrels-per-day Torrance refinery, which was recently shut down following a power outage, intends to flare between October 10th and 31st. The firm says that the move is unrelated to any breakdown, but prices for premium California-blend gasoline jumped after the announcement just the same.
Don’t Miss: U.S. Court Denies Chevron This Massive Appeal.