Energy Biz Roundup: Exxon SELLS German Esso Stations, Houston PLUGS Its Well
ExxonMobil (NYSE:XOM) is said to be milling the divestiture of its German Esso gas station chain, which comprises an excess of 1,100 stations in Germany and could bring more than €1 billion, or $1.3 billion. The company has sold nearly one-third of its filling stations over the past four years, in order to leave markets in which demand for fuel is stalling or declining.
Engineering and professional services provider ENGlobal (NASDAQ:ENG) shares surge following the news that it’s one of three firms awarded a multiple award contract with an estimated worth at $215 million, for the procurement of automated fuel handling equipment support services to the United States military.
Shares of Houston American Energy (NYSE:HUSA) plummet following an announcement in which the firm says its Cachirre #1 well was unable to produce oil during swab tests and now will be plugged and abandoned.
ExxonMobil and Dubai-based Dragon Oil (DRAGF.PK), along with Thailand’s PTT and four other companies, have expressed interest in bidding for the rights to search for oil and gas in Afghanistan in the autumn. The Untied States Geological Survey estimates that the Afghan-Tajik Basin blocks might contain up to 1 billion barrels of oil.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.