Government Approvals, Joint Programs, and Increased Production to Yield Higher Margins for Oil & Gas Players - Research Report on Chevron, BP, Cimarex, WPX Energy, and PetroChina

Thu Jun 27, 2013 8:00am EDT

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Government Approvals, Joint Programs, and Increased Production to Yield Higher Margins for Oil & Gas Players - Research Report on Chevron, BP, Cimarex, WPX Energy, and PetroChina

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PR Newswire

NEW YORK, June 27, 2013 /PRNewswire/ --

Today, Wall Street Reports announced new research reports highlighting Chevron Corporation (NYSE: CVX), BP plc (NYSE: BP), Cimarex Energy Co. (NYSE: XEC), WPX Energy, Inc. (NYSE: WPX), and PetroChina Co. Ltd. (NYSE: PTR). Today's readers may access these reports free of charge - including full price targets, industry analysis and analyst ratings - via the links below.

Chevron Corporation Research Report

On June 16, 2013, Chevron Corporation (Chevron) announced that its subsidiary, Cabinda Gulf Oil Company Limited has confirmed the commencement of the initial production of liquefied natural gas (LNG) at the Angola LNG project. George Kirkland, Vice Chairman of Chevron, said, "First gas at Angola LNG is an important milestone in support of our strategic plan to grow our production." Kirkland added, "This project will commercialize natural gas resources in western Africa to meet growing demand in the region and internationally." Chevron reported that Cabinda Gulf Oil Company Limited has a 36.4% stake in the joint venture, while Sonangol has 22.8% stake, and subsidiaries of Total, BP, and ENI, each owns 13.6% stake.. The Full Research Report on Chevron Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.WSReports.com/r/full_research_report/de43_CVX]

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BP plc Research Report

On June 18, 2013, BP plc (BP) and Zhuhai Port Co received final approvals from the Chinese Government for the construction of a third purified terephthalic acid (PTA) plant at Zhuhai, Guangdong. BP reported that the Zhuhai 3 plant is expected to have a capacity of 1.25 million tonnes per year, and is expected to begin its operations in late 2014. "This plant will be using BP's latest proprietary technology and should make BP Zhuhai the most competitive PTA producer in the world. As one of the largest PTA producers in the world, our aim is to invest continuously in the right projects as well as invest to improve the competitiveness of our PTA sites and PTA joint ventures globally," said Nick Elmslie, CEO of BP Global Petrochemicals. The Full Research Report on BP plc - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.WSReports.com/r/full_research_report/ff46_BP]

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Cimarex Energy Co. Research Report

On June 24, 2013, Cimarex Energy Co. (Cimarex) announced that it has formally entered into an eight-year agreement with Chevron USA Inc., a subsidiary of Chevron Corporation, for the joint development of their combined Delaware Basin acreage, located in Culberson County, Texas. "Collaborative development of this 'checkerboard' acreage ownership makes perfect sense. Optimal well placement for both Second Bone Spring wells and longer-lateral Wolfcamp shale tests can now be achieved. We look forward to having Chevron as a partner on what will surely be a legacy asset for Cimarex," said Tom Jorden, CEO of Cimarex. The Company reported that it will act as the operator of the joint development which covers 104,000 acres. Also, Cimarex stated that Chevron will contribute to its total acreage, and will pay approximately $60 million for a 50% stake in the Cimarex-built Triple Crown gas gathering and processing system and wells drilled on the acreage in 2013. The Full Research Report on Cimarex Energy Co. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.WSReports.com/r/full_research_report/8576_XEC]

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WPX Energy, Inc. Research Report

On June 5, 2013, WPX Energy, Inc. (WPX Energy) announced its intention to employ seven drilling rigs in Western Colorado's Piceance Basin for the remainder of 2013, which is higher than the Company's previously announced five-rig drilling plans. WPX Energy reported that the growth of its development activity is expected to add an incremental 1.9 billion cubic feet equivalent of production throughout the remaining months of 2013, boosting the basin's exit rate from 701 million cubic feet of gas equivalent per day (MMcfe/d) to 730 MMcfe/d by the end of 2013. Ralph A. Hill, President and CEO of WPX Energy, stated, "WPX has a unique position in the Piceance. We have everything in place there to be among the first and fastest to increase our production. We have the permits, favorable processing contracts, take-away transportation capacity and large-scale, low-cost, efficiency driven operations to yield attractive returns." The Full Research Report on WPX Energy, Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.WSReports.com/r/full_research_report/6a8f_WPX]

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PetroChina Co. Ltd. Research Report

On June 14, 2013, PetroChina Co. Ltd. (PetroChina) entered into a Joint Venture agreement with Taikang Asset and the Guolian Fund, pursuant to the which, PetroChina, Taikang Asset, and the Guolian Fund will jointly establish the JV Company. PetroChina stated that it will contribute its West Pipeline Assets as capital, worth approximately RMB 20 billion after valuation (final valuation is subject to its filing by China National Petroleum Corporation with the authority concerned), and subscribe for registered capital in the JV Company amounting to RMB 20 billion, representing 50% of registered capital of the JV Company. The Full Research Report on PetroChina Co. Ltd. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.WSReports.com/r/full_research_report/d59c_PTR]

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SOURCE Wall Street Reports

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