Archive for the ‘Energy Stocks’ Category

Clean Energy Fuels Corp. (CLNE) leaps on investment from Chesapeake Energy Corp

Wednesday, July 13th, 2011

Shares of Clean Energy Fuels Corp. (Nasdaq: CLNE) rose 11.9% to $16.88. The stock got a lift after Chesapeake Energy Corp. (NYSE: CHK) said Tuesday it would invest $150 million over three years to fund the development of liquefied natural-gas truck-fueling stations. Volume for Clean Energy stock was 7.7 million shares, or better than five times its daily average.

Moreover, Bank of America Merrill Lynch analysts upgraded Clean Energy to buy from underperform. A release issued Tuesday stated that the investment is dedicated to help fund the development of approximately 150 LNG truck fueling stations at strategic truck-stop locations along major trucking corridors to form the backbone of “America’s Natural Gas Highway.”

Chesapeake is the sole investor in the transaction, and will make the investment in Clean Energy through its newly formed, wholly owned subsidiary, Chesapeake NG Ventures Corporation (CNGV).

“With the advent of new natural gas truck engines well-suited for heavy-duty, over-the-road trucking, it is time to build America’s Natural Gas Highway,” said Andrew J. Littlefair, President and CEO of Clean Energy in the same release. “The investment by Chesapeake will help us accelerate the development of this important fueling network.”

Based in Seal Beach, California, Clean Energy is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market.

McMoRan Exploration Co. (MMR) jumps on new Gulf find

Wednesday, June 29th, 2011

McMoRan Exploration Co. (NYSE: MMR) shares climbed 11.5% to $18.48 Wednesday, after the oil producer said data from four wells pointed to the possibility of large accumulations of crude oil and natural gas in the Davy Jones prospect in the Gulf of Mexico. Shares in the company totaled 8.2 million, or about four times its normal daily volume average.

A news release announcing the find on June 29 indicated that McMoRan has actively pursued large ultra-deep targets located in the shallow waters of the GOM below the salt weld (i.e. listric fault) at depths generally below 25,000 feet since 2008. The data gained to date from four wells confirms McMoRan’s geologic model and the highly prospective nature of this emerging geologic trend.

Prior to McMoRan’s involvement in the ultra-deep, there had been only two wells drilled on the Shelf targeting these objectives; one did not reach its targeted depth and the other was outside of McMoRan’s focus area. Importantly, McMoRan’s results to date have indicated the potential for large accumulations of hydrocarbons at these deeper depths in the shallow waters of the GOM, which is expected to reduce the risk of future activities.

The Davy Jones offset appraisal well (Davy Jones No. 2), located on South Marsh Island Block 234, two and a half miles southwest of the Davy Jones No. 1 discovery well, was drilled to a total depth of 30,546 feet. As reported in February 2011, preliminary log results above 27,300 feet confirmed hydrocarbon bearing Wilcox sands with continuity across the major structural features of the Davy Jones prospect.

The release did not quote officials of the company.

McMoRan Exploration Co., headquartered in New Orleans, is an independent public company engaged in the exploration, development and production of natural gas and oil in the shallow waters of the GOM Shelf and onshore in the Gulf Coast area.

Layne Christensen Co. (LAYN) surges on Q1 results

Wednesday, June 8th, 2011

Layne Christensen Co. (Nasdaq: LAYN) shares rose 13.8% to $31.19, after the provider of drilling and construction services reported first-quarter results that beat estimates. Volume of more than 127,000 has already outdistanced its daily average of 104,264.

The company, based in Mission Woods, Kansas, today announced net income for the first quarter ended April 30, 2011, of $13,066,000, or $0.66 per diluted share, compared to net income of $6,571,000, or $0.34 per diluted share last year.

Revenues for the three months ended April 30, 2011, increased $36,656,000, or 15.9%, to $267,371,000 compared to $230,715,000 for the same period last year.

Company CEO Andrew Schmitt led off the June 8, 2011 press release announcing the improved bottom line by commenting, “Layne Christensen Company had an all-time record first quarter in revenues and the third best first quarter in earnings, excluding the gain on sale of our Fontana, California facility.

“The Mineral Exploration Division was up significantly over last year in both revenues and earnings and the Water Infrastructure Division improved in an environment of continued weakness in municipal spending. Our Energy Division remains profitable despite very weak natural gas pricing. The markets in which we operate outside the U.S. still look very strong.”

For well over a century, Layne Christensen has been drilling deep to bring vital natural resources to the surface. Today, it claims to use the 21st century’s most advanced technologies to locate and produce water, minerals and energy – all essential to people’s lives every day.

El Paso Corp. (EP) perks on higher earnings outlook

Tuesday, May 24th, 2011

El Paso Corp. (NYSE: EP) shares climbed 7.2% to $20.35 Tuesday, after the natural-gas producer and pipeline operator hiked its 2011 earnings forecast and announced plans to split into two publicly traded companies. Volume for the stock was 27.9 million shares, dwarfing an all-day average of 10.4 million.

El Paso Corporation announced today that it is raising its financial and operational guidance for 2011 as results to date have exceeded expectations. Among the highlights: $1.00-$1.10 adjusted diluted earnings per share (Adjusted EPS); $2.3-$2.5 billion Adjusted Segment Earnings Before Interest and Taxes; $3.4-$3.6 billion Adjusted Segment Earnings Before Interest, Taxes and Depreciation, Depletion and Amortization (Adjusted Segment EBITDA) and; $2.2-$2.4 billion cash flow from operations.

El Paso CEO Doug Foshee, commented, “El Paso is on its way to another great year with improved earnings and operating cash flow. We are particularly excited about our drilling results in the Eagle Ford shale, where our oil production will grow significantly this year. We are also very pleased with the pace of dropdowns to El Paso Pipeline Partners, L.P. (NYSE: EPB). Our MLP has already issued more equity than we anticipated for all of 2011, and we will continue to accelerate our balance sheet improvement with the proceeds from future transactions.”

Moreover, El Paso announced today that its Board of Directors has granted initial approval of a plan to separate the company into two publicly traded businesses by year end 2011.

Following the completion of the proposed spinoff, El Paso Corporation will be comprised of El Paso’s Pipeline Group, its Midstream Group, and its general and limited partner interests in El Paso Pipeline Partners, L.P. It will be the premier pipeline company in North America, uniquely integrated in the major U.S. supply and market regions. With a planned 2012 annual dividend of $0.60 per share and a targeted low double-digit dividend growth rate, it is positioned to be a very attractive corporate yield investment.

Silver Bull Resources Inc. (SVBL) leaps on outside investment

Wednesday, May 18th, 2011

Silver Bull Resources Inc. (Amex: SVBL) shares rocketed higher 10.3% to 75 cents after announcing that Coeur d’Alene Mines Corporation (NYSE: CDE) has executed a term sheet to make a $5-million U.S. investment in Silver Bull. Volume for Silver Bull was 172,100 shares, compared to an all-day average 675,232.

Coeur d’Alene intends to purchase 7,352,941 shares of Silver Bull common stock at $0.68 per share in a private placement transaction. Closing of the transaction is subject to the execution of a definitive agreement, and approval of the NYSE Amex Stock Exchange and the Toronto Stock Exchange.

Silver Bull Tim Barry said, “We are extremely pleased to have a company with the reputation and stature of Coeur d’Alene invest in Silver Bull and this financing will allow us to complete our planned 2011 exploration program at Sierra Mojada.

“We feel this investment is a solid endorsement of the work we have completed to date, and of the potential at the Sierra Mojada project.”

Based in Vancouver, British Columbia, Silver Bull is focused on the acquisition, exploration and potential development of mineral properties. Silver Bull currently owns mineral concessions in the municipality of Sierra Mojada, Coahuila, Mexico and holds exploration licenses in Gabon, Africa.