Martin Midstream Top 10 Dividend Pick, BP Names New Exec: Energy Biz Wrap
Dividend Channel, in its weekly DividendRank report, has selected Martin Midstream Partners (NASDAQ:MMLP) as a Top 10 dividend paying energy stock, pointing out that among energy firms, the shares displayed both attractive valuation and strong profitability metrics. The recent share price at $31.22 marks a price-to-book ratio of 1.8, along with an annual dividend yield of 9.87 percent.
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BP (NYSE:BP) on Friday reported that Lamar McKay will take over as chief executive, Upstream effective January 1st. In his new position, McKay will lead the firm’s combined Upstream business, which comprises the Exploration, Developments and Production divisions along with the Upstream strategy and integration team.
The Petroleum & Energy Ministry of Norway has okayed Statoil (NYSE:STO) to move forward with its ninth fast-track project on Friday with its development plan for the Svalin oilfield. The asset contains the Svalin C and Svalin M structures, and holds approximate recoverable reserves of 75 million barrels of oil equivalent, which will be developed as a subsea tie-back to the closely located Grane platform in the southern North Sea, at a cost of Nkr4.5 billion, or $792 million. Project manager Bjorn Herdlevaer said that “This is the first tie-in field to Grane, and it is one of the most profitable projects in the fast-track portfolio as a result of low development costs.”
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