Energy Business Review: Refinery Shares Move Up On ISAAC, ABB’s DEAL With Statoil

The looming Tropical Storm Isaac is providing reason for some refinery shares to move up solidly. Marathon Petroleum Corp. (NYSE:MPC) and Phillips 66 (NYSE:PSX) had to shut two Louisiana refineries with a combined capacity of 711,000 barrels per day, and Valero Energy Corporation (NYSE:VLO) shut another two with a combined 405,000 barrels per day output capacity. An explosion in Venezuela that put operations at the Amuay refinery offline, is helping to push prices up.

The Swiss power major ABB Ltd. (NYSE:ABB) is awarded another order from Statoil (NYSE:STO) for its Troll A platform in the Norwegian North Sea. The deal is worth approximately $65 million. ABB has not divulged an exact contract value but now reports that it has booked a total of about $360 million worth of business from the platform.

Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.