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Stock Market & Financial Investment News

News Breaks
February 4, 2013
07:33 EDTXOM, GELGenesis Energy announces expansion of Gulf Coast terminal infrastructure
Genesis Energy, L.P. (GEL) plans to invest approximately $125M to improve existing assets and develop new infrastructure in Louisiana to connect into Exxon Mobil Corporation’s (XOM) Baton Rouge Refinery, one of the largest refinery complexes in North America with more than 500,000 barrels per day of refining capacity. The project is expected to generate positive economic benefits both for the community of Baton Rouge and the state of Louisiana. Genesis will improve its existing terminal at Port Hudson, Louisiana and build a new 18 mile 20” diameter crude oil pipeline connecting Port Hudson to the Maryland Terminal and continuing downstream to the Anchorage Tank Farm. The company also plans to build a new crude oil unit train facility at the Baton Rouge Maryland Terminal. At Port Hudson, Genesis will construct approximately 200,000 barrels of storage capacity to complement its 216,000 barrels of existing tank capacity and make improvements to its existing barge dock and truck station. Project construction is scheduled to begin in early 2013. The Port Hudson upgrades and new crude oil pipeline are expected to be completed by the end of 2013 and the Maryland Terminal completion is scheduled for 2Q14.
News For GEL;XOM From The Last 14 Days
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May 27, 2015
13:58 EDTXOMExxon Mobil announces Doug Oberhelman elected to board
Exxon Mobil (XOM) announced that its shareholders have elected Doug Oberhelman to its board of directors. Oberhelman is chairman of the board of directors and CEO of Caterpillar (CAT). With the election of Oberhelman, the ExxonMobil board stands at 12 directors, 11 of whom are non-employee directors. Oberhelman was named CEO and chairman of Caterpillar’s board in 2010. Prior to that, he served as group president of various divisions within Caterpillar from 2002 to 2010, and was elected a Caterpillar vice president and CFO in 1995.
10:14 EDTXOMAnalyst says China trend good for oil equities
China's demand for oil has been stronger than expected and the trend should be positive for oil companies' stocks, research firm Bernstein wrote in a note to investors today. WHAT'S NEW: Chinese oil imports reached a record high in April, rising 9% versus the same period a year earlier, Bernstein analyst Neil Beveridge reported. The imports have exceeded expectations and have been boosted by high gasoline demand, according to the analyst. The high gasoline demand in China, in turn, has been driven by a 50% year-over-year increase in the sales of SUVs, according to Beveridge. Analysts will respond to this trend by increasing their global oil demand estimates, he predicted. Oil prices are likely to rise in the near-term, providing a tailwind for oil equities, according to Beveridge, who identified InterOil (IOC) and China's CNOOC (CEO) as two of his favorite names in the Asian region. Other publicly traded companies in the oil space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). WHAT'S NOTABLE: Jaguar Land Rover, owned by India's Tata Motors (TTM), is launching its Range Rover Evoque SUV in China this fiscal year, but is having trouble ramping up production of the vehicle, Forbes reported last week. PRICE ACTION: in early trading, CNOOC was flat at $162.50 and InterOil slipped fractionally to $46.58.
May 22, 2015
10:21 EDTXOMExxon Mobil says media reports on Iran sanctions lobbying inaccurate
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May 20, 2015
13:15 EDTXOMExxon Mobil announces significant oil discovery offshore Guyana
Exxon Mobil announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana. The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 feet in 5,719 feet of water. Stabroek Block is 6.6M acres. The well was spud on March 5. The well data will be analyzed in the coming months to better determine the full resource potential. Esso Exploration and Production Guyana Ltd. holds 45% interest. Hess Guyana Exploration Limited holds 30% interest and CNOOC Nexen Petroleum Guyana Limited holds 25% interest.

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