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Stock Market & Financial Investment News

News Breaks
November 27, 2012
10:24 EDTPXP, EXXI, MMRPlains 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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July 1, 2015
07:06 EDTEXXIEnergy XXI announces sale of East Bay Field
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June 30, 2015
13:42 EDTEXXICorEnergy completes GIGS acquisition, board confirms dividend raise
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10:59 EDTEXXICorEnergy could be worth $13 per share, says Wells Fargo
Wells Fargo views CorEnergy's (CORR) recently announced plans to buy the Grand Isle Gathering System from Energy XXI (EXXI) as a net positive, but also a deal that carries risks due to the financial health of the seller. The firm maintains its Outperform rating on CorEnergy and raised its price target range on the stock to $9-$11, but added that it believes the stock could be worth $13 per share if Energy XXI's financial position improves and the visibility of future payments increases.
June 22, 2015
19:00 EDTEXXIOn The Fly: After Hours Movers
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16:25 EDTEXXIEnergy XXI monetization of GIGS takes current liquidity to nearly $1B
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16:19 EDTEXXICorEnergy to acquire GIGS from Energy XX for $245M in cash
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07:05 EDTEXXIEnergy XXI reaches agreement with BOEM on supplemental bonding
Energy XXI announced that after several constructive meetings and exchanges of information, Energy XXI has reached an agreement with the Bureau of Ocean Energy Management, or BOEM, with regard to supplemental bonding requirements for the company and its subsidiaries. Energy XXI has provided $150M of supplemental bonding, bringing the company's total supplemental bonding to $319M at an annual premium expense of $4.8M, with approximately $10M collateral posted. In addition, the company maintains $226M in Letters of Credit to third parties on additional assets in the Gulf of Mexico. The BOEM has agreed to withdraw its orders with regard to supplemental bonding upon dismissal of the appeals filed by Energy XXI with the Interior Board of Land Appeals, and postponed until November 15 the issuance of any further requirements for financial assurance with respect to activities on existing properties of Energy XXI and its subsidiaries. In addition to the consideration provided under the agreement, during the interim period, Energy XXI and its subsidiaries continue to cooperate with and engage in constructive discussions with the BOEM and its sister agency, the Bureau of Safety and Environmental Enforcement, with regard to decommissioning and financial assurance matters.

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