Energy Business Update: Basic Energy Gets SEC Subpoena, Valero Prepares Maintenance
The Securities and Exchange Commission has sent a subpoena to Basic Energy Services (NYSE:BAS), which believes it is being investigated as to potential violations of securities laws in regards to a July press release discussing June 2011’s operating data.
Shares of Valero Energy Corporation (NYSE:VLO) continue last week’s 10 percent or so decline as it starts the process of shutting down a number of units for planned maintenance, including a gasoline-making fluid catalytic cracking division at its 156,000 barrels per day McKee refinery in Texas.
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The energy minister of Azerbaijan has tried to assuage worries following last week’s threats against BP and other western oil companies operating there. President Ilham Aliyev had placed blame on BP for decreasing production at the Azeri-Chirag-Guneshli fields it operates with Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), and Norway’s Statoil (NYSE:STO). The site holds some 9.5 billion barrels of oil.
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