DALLAS, Texas 3/14/2009 2:02:40 AM
News / Finance

Technical Trade Alerts on Oil & Gas Leaders: BP, PBR, XOM, CVX, TOT, PTR

Beacon Equity Research announces the release of Trade Alerts covering oil & gas leaders:  BP plc (NYSE: BP), Petroleo Brasileiro (NYSE: PBR), Exxon Mobile Corp. (NYSE: XOM), Chevron Corp. (NYSE: CVX), Total SA (NYSE: TOT) and PetroChina Co. Ltd. (NYSE: PTR).

 

In the Trade Alert, the author highlights BP’s scaling back of its short-term oil and gas production:

 

BP p.l.c.  (BP) shares slipped 1.41% to $37.70 in today’s mid-day trading. BP provides fuel for transportation, energy for heat and light, retail services and petrochemicals products. The company recently said it scaled back its short-term oil and gas production growth target as the economic downturn and the falling price of crude led the company to reconsider the pace of expenditure on proven resources.  BP said it now expects annual growth from existing projects of between 1% and 2% a year through to 2013, rather than the 3% it had previously forecast.  Taking a midpoint of that range puts output in 2012 at 4.1 million barrels of oil equivalent per day, rather than the 4.3 million the company had earlier predicted.

 

The Trade Alert author also featured Petroleo Brasileiro’s renewed interest in the Valero Energy refinery in Aruba:

Petroleo Brasileiro S.A. (PBR) shares fell 1.34% to $29.47 at noon today. Petrobras, together with its subsidiaries, engages in the exploration, exploitation and production of oil and gas, and energy in Brazil and internationally. According to sources, Petrobras and top Asian oil and natural gas producer PetroChina, were seen as potential bidders for Valero Energy Corp's refinery in Aruba.  Petrobras said a sale to the company was due to be announced in January 2008, but was put on hold when one of the refinery's crude distillation vacuum units was heavily damaged in a late January fire.  The entire refinery was shut for about two weeks and the crude unit returned to service at the end of May 2008.  Petrobras renewed its interest in the refinery late last year after pursuing a sale early in 2008 that ended after the January fire.

 


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Beacon Equity Research
Jeff Bishop, (469)-252-3505
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