Editor’s Note: Related Tickers: Exxon Mobil Corporation (NYSE:XOM), BP plc (ADR) (NYSE:BP), Schlumberger Limited. (NYSE:SLB), National-Oilwell Varco, Inc. (NYSE:NOV), Transocean LTD (NYSE:RIG), Forest Oil Corporation (NYSE:FST), Jefferies Group, Inc. (NYSE:JEF), TheStreet, Inc. (NASDAQ:TST)
Exxon Mobil Stock Getting Very Oversold (Forbes)
In trading on Wednesday, shares of Exxon Mobil Corp. entered into oversold territory, changing hands as low as $85.02 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. In the case of Exxon Mobil Corporation (NYSE:XOM), the RSI reading has hit 26.5 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 44.3, the RSI of WTI Crude Oil is at 33.2, and the RSI of Henry Hub Natural Gas is presently 65.3.
BP Official Says Rig Captain Delayed Safety System Start (Bloomberg)
A BP plc (ADR) (NYSE:BP) executive testified the captain of the oil rig that exploded and sent millions of barrels of oil pouring into the Gulf of Mexico dragged his feet in activating the installation’s safety systems after the blast. Patrick O’Bryan, BP’s former vice president of Gulf drilling operations, told a judge in New Orleans today that Transocean LTD (NYSE:RIG) employee Curt Kuchta, captain of the Deepwater Horizon, told crew members not to initiate safety systems without permission from the rig’s top drilling manager. That meant the systems weren’t activated for several minutes after the explosion ignited the rig’s drilling floor and knocked out power, he said.
Schlumberger signs deal with Forest Oil to develop Eagle Ford shale (Houston Business Journal)
Denver-based Forest Oil Corporation (NYSE:FST) has signed on with Houston’s Schlumberger Limited. (NYSE:SLB) for future development of Forest’s Eagle Ford acreage in Gonzales County in Texas. “We believe that our Eagle Ford position is a valuable oil asset and being aligned and working together cooperatively with a strategic partner such as Schlumberger will greatly enhance the value of this important asset,” Patrick McDonald, Forest’s president and CEO, said in a statement. “The development agreement allows for accelerated production growth and enhancement of our project economics as we integrate leading-edge technologies across all aspects of our Eagle Ford development program.”
National-Oilwell Varco Stock Rating Reaffirmed by Jefferies Group (NOV) (Daily Political)
Jefferies Group, Inc. (NYSE:JEF) reiterated their buy rating on shares of National-Oilwell Varco, Inc. (NYSE:NOV) in a research report sent to investors on Monday morning, AnalystRatings.Net reports. The firm currently has a $86.00 price target on the stock. Shares of National-Oilwell Varco opened at 66.68 on Monday. National-Oilwell Varco has a 52 week low of $59.07 and a 52 week high of $89.95. The stock’s 50-day moving average is currently $68.27. The company has a market cap of $28.448 billion and a P/E ratio of 11.44.
12 Hurt in ExxonMobil Refinery Fire in Texas (ABC News)
An Exxon Mobil Corporation (NYSE:XOM) spokeswoman says 12 contract workers have been hurt in a fire at a company refinery in Southeast Texas. Spokeswoman Rachael L. Moore says in a statement that six of those hurt Wednesday at the refinery in Beaumont were being transported to hospitals for further treatment. She says their conditions were not immediately known.
Dudley-Ambani meet PM; seek clarity on gas pricing (Economic Times)
Europe’s second biggest oil firm BP plc (ADR) (NYSE:BP) head Bob Dudley and his partner Reliance Industries Chairman Mukesh Ambani today asked the government to lay a clear roadmap for market driven pricing of natural gas as current sub-market rates were not drawing big investments. On his second visit to India in as many months,…