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Stock Market & Financial Investment News

News Breaks
November 27, 2012
10:24 EDTMMR, PXP, EXXIPlains Exploration retreats after McMoRan reports well difficulties
Plains Exploration & Production (PXP) is falling after McMoRan Exploration (MMR) reported that it had encountered difficulties with its Davy Jones energy field. In an October SEC filing, Plains Exploration reported that it had owned 51M shares of McMoRan, representing a stake of about 31.5%. McMoRan Exploration shares are declining for a second consecutive day after the company reported yesterday afternoon that it will have to inject a solvent into a well at its Davy Jones field, located in the Gulf of Mexico, in order to clean out perforations and obtain a measurable flow test. In a note to investors earlier today, Capital One analyst Richard Tullis responded to the news by lowering his price target on McMoran to $9 from $12. Although McMoRan may eventually be able to conduct the flow test, the company faces greater risk in light of yesterday's news, wrote Tullis, who nevertheless maintained an Add rating on the stock. Conversely, RBC Capital earlier today downgraded McMoRan to Sector Perform from Outperform, and JPMorgan asserted that the company has zero equity value, given uncertainty about the commercial viability of the Davy Jones field. In mid-morning trading, Plains Exploration fell 2.76% to $33.09 and McMoRan plunged 22.38% to $7.49. Meanwhile, Energy XXI (EXXI), which has a 15.8% stake in the Davy Jones field, dropped 4.19% to $30.22.
News For PXP;MMR;EXXI From The Last 14 Days
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March 23, 2015
09:52 EDTEXXIEnergy XXI sees Q3 production 58,000-62,000 BOE/d
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09:52 EDTEXXIEnergy XXI lowers 2015 capex view to $640M-$660M
Energy XXI projected FY15 capex of $640M-$660M in slides for its presentation at the Howard Weil energy conference. On February 9, the company had estimated total FY15 capital program to range from $670M-$690M. Energy XXI still sees FY15 production 57,000-61,000 BOE/d. The company said it is pursuing asset monetization for midstream and non-core E&P and that for the combined GoM divestiture with M21K that bids have been received and negotiations are underway with potential buyers. Says annualized savings approaching $170M.
March 20, 2015
05:49 EDTEXXIStocks with implied volatility movement; EXXI FXCM
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