Energy Business Review: ConocoPhillips, Exxon, and Chevron in Argentina Spotlight
Argentina nationalized YPF (NYSE:YPF) last week, which ownership is claimed by Spain’s Repsol (REPYY.PK). The latter now warns that it will bring a lawsuit against any companies that invest in YPF, which might include Exxon (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP), which have been contacted by the Argentine government.
Helix Energy Solutions (NYSE:HLX) posts first quarter results that beat consensus, and its shares sailed to being one of Monday’s top percentage gainers in basic materials stocks. The firm’s profits more than doubled from increased revenues in its contracting services unit and strong prices from Gulf Coast crude oil sales.
Cheniere’s (AMEX:LNG) proposed Sabine export terminal gets approved, and speculation is that it could trigger the establishment of other such exporting facilities in the area: Sempra Energy (NYSE:SRE) plans the development of a $6 billion terminal, with strong>Energy Transfer (NYSE:ETE) doing a similar projection. Chicago Bridge & Iron (NYSE:CBI), tops in LNG export/import terminal construction, only benefits from the idea.
Chesapeake Energy Corp. (NYSE:CHK) CEO Aubrey McClendon borrowed $1.1 billion from his investment in company wells, and now more questions are raised as Reuters says that he sold out of two company-controlled wells just as CHK was divesting them. The timing and the structure of these deals is the problem.
Investing Insights: Chesapeake CEO Still in Hot Water.