Miller Energy announces reduction in oil transportation expenses Miller Energy announced that the rate it pays to move crude oil on to market on the Cook Inlet Pipeline system will be lowered from $6.17 per barrel to $3.21 per barrel beginning January. While Millerís wholly-owned Alaskan subsidiary, Cook Inlet Energy plans to significantly increase throughput through the CIPL system in 2013 as a result of its ongoing drilling program, this tariff reduction would result in savings in excess of $1M even if the companyís production remained flat through 2013.
Miller Energy price target lowered to $3 from $6 at Brean Capital Brean Capital cut its price target on Miller after the company reported weaker than expected results. The firm says that the company lacked productive drilling outcomes in fiscal Q2. Brean added that the company's liquidity position remains "tenuous" but it expects the company's capital position to improve next year, Brean keeps a buy rating on the stock.