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Stock Market & Financial Investment News

News Breaks
November 19, 2012
16:37 EDTOXY, MMPMagellan Midstream and Occidental Petroleum proceed with BridgeTex pipeline
Magellan Midstream (MMP) and Occidental Petroleum (OXY) announced that they are proceeding with the construction of the previously announced BridgeTex Pipeline to transport Permian Basin crude oil from Colorado City, Texas to the Houston Gulf Coast area. The BridgeTex Pipeline is supported by long-term transportation commitments received during its recent successful open season and has received a favorable order from the Federal Energy Regulatory commission approving the tariff structure for the pipeline. The BridgeTex Pipeline will be capable of transporting up to 300,000 barrels per day of crude oil, with access to Houston Ship Channel refineries, Texas City refineries and other refineries throughout the Gulf Coast via third-party pipelines.
News For MMP;OXY From The Last 14 Days
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July 30, 2015
10:16 EDTOXYOccidental Petroleum expects to complete 100 horizontal wells in 2H15
10:16 EDTOXYOccidental Petroleum raises FY15 production to 660K-670K boed
The company's previous production guidance was 650K-660K boed. Sees FY15 domestic oil production growth of 8%.
10:14 EDTOXYOccidental Petroleum sees Q3 intl volumes to increase by 10K boed
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10:13 EDTOXYOccidental Petroleum sees Q3 US production from Permian to grow 5% sequentially
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10:11 EDTOXYOccidental Petroleum expects to exit 2015 with spending rate of $1B-$1.2B
If prices remain at current levels, 2016 capital will be less than both 2015 full year and Q4 run rate. Expects that going forward, operating cash flow will cover CapEx and dividend payments, assuming $60 per barrel oil price realizations.
10:10 EDTOXYOccidental Petroleum expects production to grow at 30% annual rate of 30%
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10:09 EDTOXYOccidental Petroleum reports $450M of captured cost savings year-to-date
The capital savings was re-deployed into additional activity in Permian Basin. Comments taken from slides for Q2 earnings conference call.
07:19 EDTOXYOccidental Petroleum reports Q2 core EPS 21c, consensus 21c
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July 23, 2015
09:27 EDTMMPMagellan Midstream increases quarterly cash distribution 3% to 74c
Magellan Midstream has increased the partnership's quarterly cash distribution to 74c per unit, a 3% increase over Q1 distribution of 71.75c. The new distribution, which equates to $2.96 per unit on an annualized basis, will be paid Aug. 14 to unitholders of record at the close of business on Aug. 7.

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