FX Energy Plugs Kutno-2, Shell Stops For Season Off Alaska: Energy Biz Replay
Still without power in mid-afternoon, was the Hess Corporation’s (NYSE:HES) refinery in Port Reading, New Jersey, which processes 70,000 barrels of oil per day, reported a a company spokesperson to Reuters. The facility was shut on Monday ahead of the storm’s arrival.
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Shares of FX Energy (NASDAQ:FXEN) lose more than 10 percent on the day, as the company says it will plug and abandon the Kutno-2 well after it flowed nothing but salt water. However, analysts note that Kutno was only one of many exploration wells that FX is currently drilling or completing which holds meaningful upside potential to the firm.
Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) reports that it has wound down its brief period of drilling activity off Alaska for the season. The company was able to initiate top-hole drilling along with other prep work on the Burger-A well in the Chukchi Sea, and the Sivulliq well in the Beaufort Sea, which represents a scaled-back version of original plans that were postponed by equipment problems and sea ice.
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