Shell’s Growing US Presence Lauded, BP Completes Gulf Divestiture: Energy Business Review
President Marvin Odum of Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) sees his company’s growing presence in the United States as a good selling point to investors, commenting that, “I think Wall Street probably does care about a strong country and there’s an aspect of producing your own resources that definitely plays into that. The real question you have to come down to in the end is are these economically competitive projects to go after? The answer is yes, they are.” Odum was quoted from an interview he gave on Thursday at the Platts Global Energy Outlook Forum, adding that “ore oil produced at home makes sense for balance of trade and helps strengthen the economy.” The United States comprises about 12 percent of Shell’s overall output of 3.2 million barrels of oil equivalent per day.
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BP (NYSE:BP) has finalized its divestiture of several oil and gas fields in the deepwater United States Gulf of Mexico to Plains Exploration & Production Company (NYSE:PXP) for an amount of $5.55 billion in cash. The effective date of the transaction is October 1st.
Shares of Centrais Eletricas Brasileiras (NYSE:EBR), also known as Electrobras, hit their highest price in 13 years, leading gains by Brazilian power companies on word that government hiked compensation by 50 percent for utilities which consented to slash electricity rates. Electrobras is a government-operated firm and its shares soared by 24 percent in São Paulo, marking the largest gain since January 1999.
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