In the face of uncertainty over prices in the oil sector triggered by OPEC’s announcement of maintaining production targets, Exxon Mobil Corporation (NYSE:XOM) expressed confidence in being able to withstand the volatility even if prices plunged to as low as $40 per barrel. During his interview with CNBC, CEO of this oil-and-natural gas giant, Rex…
Chesapeake Energy Corporation (CHK) Facing Legal Defeat Over Early Bond Redemption Dispute
Chesapeake Energy Corporation (NYSE:CHK) has lost legal battle for redeeming notes worth $1.3 billion earlier than the maturity date. The opposition, Bank of New York Mellon Corp, has gained support from the court as well as other investment firms. The 2nd U.S. Circuit Court of Appeals in New York revoked earlier ruling that agreed with…
Tesla Motors Inc (TSLA) To Collaborate With Bayerische Motoren Werke AG (BMW) Over Parts and Standardized Battery Technology
Tesla Motors Inc (NASDAQ:TSLA) has announced it is in discussions with German automaker Bayerische Motoren Werke AG (ETR:BMW) for possible collaboration regarding car parts and batteries. An earlier report by Reuters, citing an interview of Tesla CEO Elon Musk with Der Spiegel, a German weekly, related that alliance is being sought in areas of lightweight…
SolarCity Corp (SCTY) and Wal-Mart Stores, Inc. (WMT) Continues Solar Power Deal
SolarCity Corp (NASDAQ:SCTY) has announced a new agreement with Wal-Mart Stores, Inc. (NYSE:WMT), in which the solar energy company based in San Mateo, California, will again provide Wal-Mart Stores with solar power. The new deal will see SolarCity installing Wal-Mart Stores with solar power for a period of 4 years, covering stores in approximately 36…
JPMorgan Chase & Co. (JPM) Settles Shale-Rights Lawsuit
JPMorgan Chase & Co. (NYSE:JPM) has successfully settled a shale-rights lawsuit filed by owners of mineral-rights in Texas. In a charge made against the bank, beneficiaries of South Texas Syndicate Trust claimed that JPMorgan Chase & Co. (NYSE:JPM) sought to cheat them out of a compensation amounting to $681 million by entering into favorable deals with…
Transocean LTD (RIG) Takes Dual Hit With Low Crude Oil Prices And $2.8 Billion In Charges Write-Off In Third-Quarter 2014
It was a depressing quarterly result announcement for Transocean LTD (NYSE:RIG) considering the $2.76 billion impairment charges towards the 2010 Deepwater Horizon explosion. The oil company reported net loss of $2.217 billion attributable to controlling interest during the quarter. Transocean LTD (NYSE:RIG) reported its third quarter 2014 financial results with net revenues of $2.270 billion…
Citigroup Inc (C) Sees Greater Global Economic Growth Due to Low Oil Prices
Citigroup Inc (NYSE:C), a Manhattan, New York-based banking institution, has said that the current plunge in oil prices will provide $1.1 trillion in stimulus to the global economy. The low prices of fuel are expected to lower the cost of production, which will in turn result in a drop in prices of commodities. The current…
Statoil ASA (ADR)(STO) Sells Its Shah Deniz Stake to Petronas Dagangan Berhad (PETDAG) for $2.25 Billion
Statoil ASA (ADR)(NYSE:STO) has exited the Shah Deniz gas project by selling its remaining 15.5% stake to Petronas Dagangan Berhad (KLSE:PETDAG). The Norwegian company will pack off the Azerbaijan project in a wider scheme to up shareholders’ returns. The latest move comes after the company sold 10% of its stake. Statoil ASA (ADR)(NYSE:STO) is following…
Anadarko Petroleum Corporation (APC), Exxon Mobil Corporation (XOM), Johnson & Johnson (JNJ): Top Stock Holdings of Woodstock Corp
Woodstock Corp has a current portfolio value of $519 million with Anadarko Petroleum Corporation (NYSE:APC), Exxon Mobil Corporation (NYSE:XOM), Johnson & Johnson (NYSE:JNJ) being its top three stock holdings, as per its recent SEC 13F filing on October 6, 2014. Woodstock Corp was founded in 1929 in Boston, Massachusetts and its top 10 stock holdings…
Exxon Mobil Corporation (XOM) Bags $1.6 Billion Settlement Claim Against Venezuela Government
It was an excellent week for the petroleum giant Exxon Mobil Corporation (NYSE:XOM), as it won $1.6 billion in settlement claims against the Venezuela Government for seizing its assets back in 2007. ICSID, International Centre for Settlement of Investment Disputes, announced its judgement in favor of the company for its investment in the Cerro Negro…