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Stock Market & Financial Investment News

News Breaks
February 1, 2013
11:48 EDTMPC, BPMarathon Petroleum announces purchase of BP's Texas City refinery
Marathon Petroleum (MPC) announced that it has closed the transaction with BP (BP) to purchase several assets, including a 451,000 barrel per calendar day refinery located in Texas City, Texas. Additionally, the transaction includes a 1,040 megawatt cogeneration facility, four light product terminals located in the Southeast, retail marketing contract assignments for approximately 1,200 branded sites representing approximately 61,000 barrels per day of gasoline sales, three operating intrastate natural gas liquids pipelines originating at the refinery and a 50,000 bpd allocation of BP's Colonial Pipeline Company shipper history. The transaction was initially announced on Oct. 8, 2012. The base purchase price is approximately $598M, plus inventories valued at approximately $1.1B. The agreement also contains an earnout provision under which MPC could pay up to an additional $700M over six years, subject to certain conditions. The transaction is expected to be accretive to earnings in the first year of operation.
News For MPC;BP From The Last 14 Days
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May 27, 2015
10:14 EDTBPAnalyst 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.
10:01 EDTMPCOn The Fly: Analyst Upgrade Summary
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06:18 EDTMPCOppenheimer upgrades refiners on favorable fundamentals
Oppenheimer upgraded to Outperform from Perform shares of HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX) and Tesoro (TSO) saying favorable industry fundamentals will continue to support higher valuations. Wide crude differential, low natural gas prices, growing refined product exports and improved petroleum demand should drive shares of refiners higher, Opco tells investors in a research note. The firm also raised its price target for Outperform rated Valero (VLO) to $70 from $65.
06:12 EDTMPCMarathon Petroleum upgraded to Outperform from Perform at Oppenheimer
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May 22, 2015
09:57 EDTBPOn The Fly: Analyst Upgrade Summary
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07:00 EDTBPBP upgraded to Neutral on reduced Russia risk at JPMorgan
JPMorgan upgraded BP (BP) to Neutral citing less risk in Russia and a pathway to cash flow neutrality in 2017. JPMorgan this morning also upgraded Total (TOT) to Overweight and Eni SpA (E) to Neutral.
05:32 EDTBPBP upgraded to Neutral from Underweight at JPMorgan
May 21, 2015
07:25 EDTBPUBS to hold a conference
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May 20, 2015
17:04 EDTBPBP to pay Transocean $125M in compensation for legal fees
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17:03 EDTBPTransocean reaches settlement agreements with BP, PSC
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15:01 EDTBPHalliburton reaches agreement with BP to resolve remaining issues
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May 19, 2015
13:34 EDTMPCU.S. settles with Marathon Petroleum over air emissions
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May 18, 2015
10:01 EDTBPOn The Fly: Analyst Downgrade Summary
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09:46 EDTMPCMPLX enters common unit sales agreement for up to $500M
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08:12 EDTBPBP downgraded to Sell from Neutral at Goldman
Goldman downgraded BP to Sell based on limited upstream growth, a slowdown in asset disposals, and ongoing overhang from Macondo.
May 15, 2015
06:44 EDTBPEnvironmentalists file lawsuit over oil train safety rules, NY Times says
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