On Tuesday, Shares of Weatherford International Plc (NYSE:WFT), gained 10.63% to $10.41, after oil prices raised following lower estimates for 2016 production in the U.S.
U.S. crude oil production is predictable to decline to 8.86 million barrels per day next year, from an estimated 9.25 million barrels per day this year, according to the U.S. Energy Information Administration.
“We have reduced the probability of a return to the $37-$38 area per nearby WTI,” Ritterbusch & Associates’s Jim Ritterbusch told Reuters. “We will maintain a longstanding view that price declines below this support level are virtually off of the table.”
Weatherford International plc provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide.
Shares of Penn West Petroleum Ltd (USA) (NYSE:PWE), inclined 18.97% to $0.960, during its last trading session.
Penn West Petroleum, is trying to avoid parting with its best assets as the oil market crash brings its debt into focus. The company appears to be running out of other options, according to Bloomberg.
Penn West has exceeded a target set with its debt holders of selling C$650 million ($489 million) of assets outside its areas of focus, with a deal declared Thursday to dispose of its 9.5 percent stake in the Weyburn oil field in southeast Saskatchewan for C$205 million. That brings the total sold this year to C$810 million, not enough to keep debt in check, according to Desjardins Capital Markets and Dundee Capital Markets Inc. estimates. Bloomberg Reports
Penn West Petroleum Ltd. (Penn West) is a Canada-based senior exploration and production company. The Company operates to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada sedimentary basin directly and through investments in securities of subsidiaries holding such interests.
Shares of Exelon Corporation (NYSE:EXC), declined -0.30% to $30.21, during its last trading session.
Pepco Holdings Inc. (POM) and Exelon Corporation (EXC) recently declared they have reached a settlement with the Government of the District of Columbia and others on the companies’ projected merger that will deliver substantially improved benefits to consumers and businesses in the District. The settlement package was specifically shaped to address the concerns articulated by the District of Columbia Public Service Commission (PSC) in its August order.
The new package of benefits comprises commitments to provide bill credits, low-income assistance, fewer and shorter outages, a cleaner and greener D.C., and investment in local jobs and the local economy. Pepco Holdings and Exelon presented the settlement agreement to the PSC for approval as part of the existing merger proceeding.
Also signing on to the settlement agreement are the Office of the People’s Counsel and the Office of the Attorney General of the District of Columbia, in addition to the Apartment and Office Building Association of Metropolitan Washington, the District of Columbia Water and Sewer Authority, the National Consumer Law Center and the National Housing Trust.
Under the new proposal, Exelon will more than double direct benefits to customers by providing $72.8 million for bill credits, low-income assistance, renewable energy and energy efficiency programs in the District. These funds are predictable to offset distribution rate improvements for residential customers through March 2019. Of the direct funds offered, $16.15 million would be used to assist low-income customers.
Exelon Corporation (Exelon) is a utility services holding company. The Company operates through nine segments consisting of Exelon Generation Company, LLC’s (Generation) six marketing segments, Commonwealth Edison Company (ComEd), PECO Energy Company (PECO) and Baltimore Gas and Electric Company (BGE).
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