Energy Biz Review: Broadway Energy RECEIVES Wind Turbines, Apache POSTPONES LNG Project
Shares of Broadwind Energy (NASDAQ:BWEN) gain hugely on the news that the Chinese wind energy company Goldwind chooses it to provide 14 wind turbine towers for its Musselshell project in Montana, which is scheduled for installation during the second half of this year.
Another shakeup at the top at Chesapeake (NYSE:CHK) leaves Aubrey McClendon as CEO and President, but not Chairman. The board has chosen Archie Dunham, the former ConocoPhillips chairman and CEO, as its new independent non-executive chairman, and appoints four other new independent directors, three of which were nominated by the top shareholder group Southeastern Asset Management and one by Carl Icahn. Somewhat separately, Southeastern says that the currently depressed CHK shares are worth more than $50, and they should ultimately exceed $100, commenting that ‘the company is on track to sell assets and create a “pristine” balance sheet’.
Apache (NYSE:APA) reports that the scheduled start-up of its Kitimat liquefied natural gas project in western Canada will be postponed for a year, while the firm continues to search for reliable contracts with buyers in Asia. APA owns the proposed plant with Encana (NYSE:ECA) and EOG Resources (NYSE:EOG), and when put online the facility would be the first to transport large quantities of the gas to Asia.
A decrease in demand for fuel in the United Kingdom and on the Continent since 2008 has prompted Exxon Mobil (NYSE:XOM) to reconfigure its Fawley refinery, which is Britain’s largest. The move will permanently decommission a crude distillation unit, which falls into the current trend among energy firms in the region. As it stands currently the refinery has the capacity to refine 330,000 barrels per day, and the capacity of the unit to be shut down is thought to be approximately 80,000 barrels a day.
Earnings Report: CLARCOR Earnings Cheat Sheet: Misses Street Estimates.
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