On Wednesday, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), gained 0.77% to $9.12, as oil prices rose on Wednesday after U.S. government data confirmed a big weekly drawdown in crude inventories and on signs that U.S. oil production growth was leveling off after several years of sharp enhances.
Brent crude prices rose US$1.48 to a two-week high of US$66.36 a barrel and were trading at about US$65.80, up 92 cents, by 10:45 a.m. U.S. light crude was up 90 cents at US$61.04.
Petróleo Brasileiro S.A. - Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of Manhattan Associates, Inc. (NASDAQ:MANH), inclined 1.70% to $57.50, during its last trading session.
S&P SmallCap 600 constituent Manhattan Associates, replaced Life Time Fitness Inc. (LTM) in the S&P MidCap 400, and Supernus Pharmaceuticals Inc. (SUPN) replaced Manhattan Associates in the S&P SmallCap 600 after the close of trading on Wednesday, June 10. Associates of private equity firms Leonard Green & Partners and TPG Capital L.P. are acquiring Life Time Fitness in a deal predictable to be accomplished on or about that date pending final approvals.
Supernus Pharmaceuticals is a specialty pharmaceutical company. Headquartered in Rockville, MD, the company will be added to the S&P SmallCap 600 GICS Pharmaceuticals Sub-Industry index.
Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations for retailers, wholesalers, manufacturers, logistics providers, and other organizations.
Finally, Chevron Corporation (NYSE:CVX), ended its last trade with 1.40% gain, and closed at $101.83.
An equipment failure that’s delayed Chevron Corp.’s $5.1 billion Big Foot deepwater oil project will reduce the company’s production by less than 25,000 barrels a day in 2017, the company said.
More than a week after some of the production platform’s mooring cables sank below the surface of the Gulf of Mexico, Chevron continues to assess the damage and doesn’t know when repairs will start or finish, spokesman Kurt Glaubitz told Bloomberg Television.
Remotely-operated vehicles have been roaming the seafloor examining the nine cables that sank. The incident forced Chevron to indefinitely delay this year’s planned start of crude production from the 200 million-barrel field, Bloomberg Reports.
Big Foot is one of the linchpins in Chairman and Chief Executive Officer John Watson’s plan to boost worldwide production by 20 percent by the end of 2017. The delay in the project will reduce Chevron’s net enhance by less than 25,000 barrels a day in 2017, Glaubitz said Wednesday. That’s about 4.5 percent of the net 549,000 barrels a day production is estimated to grow by that year. Chevron forecasts its total production to grow to 3.1 million barrels a day in 2017.
The setback enhances pressure on the company to avoid delays at the massive Gorgon and Wheatstone natural gas-export developments in Australia that are planned to commence this year and next, respectively. Bloomberg added.
Chevron Corporation, through its auxiliaries, engages in the petroleum, chemicals, and power and energy operations worldwide. The company operates in two segments, Upstream and Downstream.
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