On Wednesday, Halcón Resources Corporation (NYSE:HK)’s shares surged 9.66% to $1.93, as rising oil prices are driving some energy and related stocks into the green yesterday.
Oil is gaining as a result of tensions in the Middle East and after data showed U.S. crude stockpiles grew less than predictable for the week ended April 10.
The commodity extended Tuesday’s gains after data from the Energy Information Administration showed that crude oil stockpiles grew by 1.3 million barrels to 483.7 million barrels in the week ended April 10, less than the 3.6 million barrel raise analysts polled by the Wall Street Journal had forecast.
Halcón Resources Corporation, an independent energy company, is engaged in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the United States. The company primarily holds interests the Bakken/Three Forks Formations comprising about 129,000 net acres of area in North Dakota; and East Texas Eagle Ford Formations covering about 101,000 acres of area in Brazos, Burleson, and Robertson counties.
Freeport-McMoRan Inc. (NYSE:FCX)’s shares gained 9.08% to $20.67, during the last trading session on Wednesday, as oil prices rally recently on signs of slowing domestic crude production at the same time that global demand is rising. Also assisting Freeport’s stock this week was an analyst note from Citigroup (C) that upgraded the company’s stock to “buy” from “neutral” while also raising its price target to $23 from $19.
U.S. oil inventories rose by 1.3 million barrels to 483.7 million barrels during the week ended April 10, according to the U.S. Energy Information Administration, short of the 3.6 million barrel raise that analysts were expecting. Industry standard Brent crude contracts for May delivery are up 2.52% to $59.90 per barrel, while West Texas crude for May delivery also climbed up 4.05% to $55.45 per barrel.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas. The company operates through North America Copper Mines; South America Mining; Indonesia Mining; Africa Mining; Molybdenum Mines; United States (U.S.) Oil and Gas Operations; Rod & Refining; and Atlantic Copper Smelting & Refining segments.
At the end of Wednesday’s trade, AK Steel Holding Corporation (NYSE:AKS)’s shares gained 8.88% to $5.15.
AK Steel Holding, said that David C. Horn, Executive Vice President, Chief Legal and Administrative Officer, and Secretary has elected to retire from the company effective May 31, 2015.
Mr. Horn joined AK Steel in 2000 as Assistant General Counsel. He was named Vice President and General Counsel in 2001 and elected Corporate Secretary in 2003. He was named Senior Vice President, General Counsel and Secretary in 2005, and Executive Vice President, General Counsel and Secretary in 2010. He was named Executive Vice President, Chief Legal and Administrative Officer, and Secretary in 2014, with responsibility for the company’s legal, environmental, labor relations, human resources, communications, public relations and governmental affairs activities. Preceding to joining AK Steel, he was a partner in the law firm of Frost Brown Todd LLC and a member of the firm’s Executive Committee.
AK Steel said that, following his retirement, Mr. Horn’s responsibilities will be assumed by the following executive officers who will report directly to Mr. Wainscott:
- Joseph C. Alter, Vice President, General Counsel and Chief Compliance Officer will continue in his current role with responsibility for all legal matters at the company, not taking into account labor and litigation. He will also continue to serve as counsel to the CEO and Board of Directors, have responsibility for environmental affairs, and serve as the company’s Chief Compliance Officer. He will add responsibility as Corporate Secretary.
- Renee S. Filiatraut, Vice President, Litigation, Labor and External Affairs will continue in her current role with responsibility for managing the company’s litigation, in addition to labor, corporate communications, public relations and government affairs activities, oversight of the AK Steel Foundation, and oversight of the company’s suspended insurance businesses.
- Stephanie S. Bisselberg, Vice President, Human Resources, will continue in her current role with responsibility for human resources and employee benefits.
AK Steel Holding Corporation, through its partner, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, counting coated, cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms.
Finally, CONSOL Energy Inc. (NYSE:CNX), ended its Wednesday’s trading session with 8.38% gain, and closed at $30.78.
CONSOL Energy, will issue its first quarter earnings release at 6:45 a.m. Eastern Time on Tuesday, April 28. This will be followed by a conference call at 10:00 a.m. Eastern Time.
CONSOL Energy Inc., together with its auxiliaries, operates as an integrated energy company in the United States and internationally. The company operates through two divisions, Exploration and Production (E&P), and Coal. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.
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