Exxon Mobil Corporation (NYSE:XOM) Trades Up Amid Talks With Algeria For Shale Gas Exploration – (XOM, BP, CVX, COP)

  on Jul 12,2012 Posted in Business News ,Finance
 
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Exxon Mobil Corporation (NYSE:XOM) was up on Wednesday after the head of Algerian energy firm Sonatrach said that the state is holding talks with Royal Dutch Shell and ExxonMobil in order to discuss shale gas exploration in the North African country. Italy’s Eni entered into a deal with Sonatrach last year to help perform shale gas exploration.

Sonatrach Chief Executive Abdelhamid Zerguine said in a news conference that they have started talks with Shell and Exxon. Sonatrach officials earlier disclosed a number of foreign companies were showing interest to invest in Algeria’s shale gas sector.

The motive of Algeria is to develop technology-intensive shale gas and offshore output to help guarantee security of supply in the long run, and currently it favors permitting foreign oil majors to help complete those goals.

At the close of the trading day, Exxon Mobil Corporation (NYSE:XOM) shares rose +1.53% to settle at $84.38. Intraday trading was between $83.24 – $84.68. In the past year, the stock has traded within a range of $67.03 – $87.94. The last session’s volume of 18.34 million shares was down from the average daily trading volume of 21.91 million shares.

BP plc (ADR) (NYSE:BP) shares were up +1.61% to close at $40.29. The stock traded between $39.92 – $40.48 during the last trading session. In the last 12 months the shares have traded between $33.62 and $48.34. The last session’s volume of 4.35 million shares was a bit lower than their average daily trading volume of 6.25 million shares.

Chevron Corporation (NYSE:CVX) shares in the last session were up +0.93% closing at $104.85. The stock traded in a range of $104.02 – $105.63. In the last year the stock has moved within a range of $86.68 – $112.28. The last session’s volume of 5.93 million shares was down from their average daily trading volume of 7.01 million shares.

Another rival company ConocoPhillips (NYSE:COP), traded up +1.65% moving to $54.36. Intraday trading recorded the stock price in a range between $53.39– $54.65. In the previous 52 weeks the price has traded between $50.62 – $80.13. The last session’s volume of 11.46 million shares was up from their average daily trading volume of 10.66 million shares.

 



 

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