Ford to Debut 1.0-Liter EcoBoost Engine in Europe

- Ford to Debut 1.0-Liter EcoBoost Engine in Europe



Sep 12, 2011

Ford (NYSE:F) confirmed the first production applications for its smallest-ever EcoBoost engine at the 2011 Frankfurt Motor Show.

The engine will debut in the European Ford Focus early in 2012, offering the performance of a conventional 1.6-liter engine with less than 120g/km CO2 emissions.

Graham Hoare, executive director, Powertrain, Ford of Europe said, "By offering the Focus with an advanced small-displacement petrol engine, Ford is not only making a major statement on how serious we are about engine downsizing - it also shows the strength of our development and engineering capabilities. To produce a 1.0-liter EcoBoost petrol engine with such impressive performance and fuel economy is a clear example of our commitment to be class-leading in fuel economy."

Ford Motor (NYSE:F) has a potential upside of 84.1% based on a current price of $10 and an average consensus analyst price target of $18.41.

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Volkswagen Halts Planned Merger with Porsche

- Volkswagen Halts Planned Merger with Porsche



Sep 8, 2011

Volkswagen (ETR:VOW) says on Thursday it's planned merger with Porsche (ETR:PAH3) will not go through as planned, at least not yet.

The company said the merger could not be implemented within the time frame agreed upon due to uncertainty of the economy, legal hurdles, as well as proper valuation of Porsche.

In the announcement the company said, "From Volkswagen's perspective, the continuing legal hurdles mean that it is currently impossible to quantify the economic risks of a merger and therefore to perform the valuation of Porsche SE required to determine the exchange ratio. The main causes of uncertainty are the ongoing proceedings and actions brought against Porsche SE in Germany and the USA for alleged market manipulation. According to the information currently available, these legal hurdles are no longer expected to be removed in time. One factor influencing the Board of Management's assessment was an indication by the Stuttgart public prosecutors of the length of time needed for the preliminary investigations."

In the coming weeks, members of Volkswagen's Board of Management will analyze whether there are other potential avenues to explore to complete the agreement. Both companies still believe the planned merger will continue at a later time

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FuelCell Reported Q3 Results, Top Line Up 65% YoY

- FuelCell Reported Q3 Results, Top Line Up 65% YoY



Sep 7, 2011

FuelCell Energy (NASDAQ:FCEL) reported a Q3 loss of $0.07 per share, narrower than consensus estimates for a loss of $0.09 per share. Revenues for the quarter rose 65.1% year-over-year to $31.2 million, topping consensus estimates of $29.0 million.

Chip Bottone, President and CEO of FuelCell Energy, Inc said, "The team at FuelCell Energy achieved an important milestone this quarter by generating a gross margin for the first time since we began the commercialization process of Direct FuelCells. We are executing our revenue growth plan and benefitting from operating leverage that is driving down costs. We have record product and service backlog of $230.6 million and we are producing at a record rate and have substantially increased our production run rate to a level of 56 megawatts annually compared to 22 megawatts of production for fiscal year 2010."

FuelCell Energy has a potential upside of 186.4% based on a current price of $1.03 and an average consensus analyst price target of $2.95.

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ConocoPhillips To Establish Bohai Bay Fund

- ConocoPhillips To Establish Bohai Bay Fund



Sep 7, 2011

ConocoPhillips (NYSE:COP) announced on Wednesday that it will establish a fund related to the incidents at the Peng Lai field in Bohai Bay, China.

This fund will be designed to address ConcoPhillips' responsibilities in accordance with relevant laws of China and to benefit the general environment in Boahi Bay.

ConocoPhillips (NYSE:COP) has a potential upside of 26% based on a current price of $65.7 and an average consensus analyst price target of $82.8.

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Commodity Corner: Oil Edges Lower on Econ Woes

- Commodity Corner: Oil Edges Lower on Econ Woes

Tuesday, September 06, 2011
Rigzone Staff
by Saaniya Bangee

Light, sweet oil edged lower Tuesday on lingering concerns about the global economy.

Oil futures traded 43 cents lower at $86.02 a barrel on the New York Mercantile Exchange.

Concerns that the European debt crisis might worsen pushed prices and equities lower Tuesday. Traders worry that the economic plague could spread to neighboring countries.

Prices fell as low as $83.20 a barrel in intraday trading as U.S. stock indexes plummeted for a third consecutive session. They peaked at $86.50. Earlier today, the Dow Jones Industrial Average fell 308 points but rebounded after the Greek government indicated swifter economic reforms.

Traders are waiting to take cues from President Obama and the Federal Reserve's speech later this week.

Brent crude, which is used to price many international oil varieties, gained $2.81 Tuesday to settle at $112.89 a barrel. Brent took its cues from production problems in the North Sea and a continued absence of Libyan oil in the market.

Likewise, natural gas for October delivery added 6.6 cents to settle at $3.94 per thousand cubic feet. Prices fluctuated between $3.85 and $3.95 Tuesday.

The U.S. National Hurricane Center reported that a new weather system west-southwest of the Cape Verde Islands had a 90 percent chance of becoming a cyclone in the next 48 hours.

After trading between $2.77 and $2.84, front-month gasoline lost 1.7 cents to settle down at $2.82 a gallon.

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BP Announces North Sea Development

- BP Announces North Sea Development



Sep 6, 2011

BP (NYSE:BP) announced an agreement to invest up to $1.1 billion to progress a project to develop the Kinnoul reservoir in the central North Sea.

Kinnoul contains 45 million barrels of oil equivalent which will be connected to BP's Andrew platform and enable production to be extended to 2020 and beyond. Production from Kinnoul is forecast to peak at 45,000 barrels per day.

BP (NYSE:BP) has a potential upside of 54.2% based on a current price of $35.9 and an average consensus analyst price target of $55.37.

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Sunoco Announced It Plans To Exit Refining Business

- Sunoco Announced It Plans To Exit Refining Business



Sep 6, 2011

Sunoco (NYSE:SUN) announced that it plans to exit its refining business and has begun a process to sell its refineries located in Philadelphia and Marcus Hook, Pennsylvania. The company also announced it is conducting a comprehensive strategic review of the company to determine the best way to deliver value to shareholders.

Lynn L. Elsenhans, Sunoco's chairman and chief executive officer said, "We have made progress in increasing the efficiency of our refineries over the last several years, but given the unacceptable financial performance of these assets, it is clear that it is in the best interests of shareholders to exit this business and focus on our profitable retail and logistics businesses which have higher returns, growth potential, and provide steady, ratable cash flow."

Sunoco has a potential upside of 27% based on a current price of $36.11 and an average consensus analyst price target of $45.86.

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Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd

- Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd



Sep 6, 2011

Lufkin Industries (NASDAQ:LUFK) announced it has signed an Asset Purchase Agreement to acquire substantially all of the assets of Quinn's Oilfield Supply Ltd., including certain affiliates, for about $303 million in cash subject to certain adjustments.

John F. Glick, President and Chief Executive Officer of Lufkin, stated, "The acquisition of Quinn's continues our strategy of expanding our product portfolio in artificial lift systems, while at the same time extending our sales and service network in the increasingly active oil provinces of the United States and Western Canada. The integration of Lufkin's surface beam pump unit with Quinn's downhole rod pump will enhance Lufkin's ability to package complementary products and allow us to better optimize the rod lift system to the benefit of our customers. Quinn's is well positioned to benefit from the large increase in unconventional oil plays as oil shale wells generally transition to artificial lift approximately 18 to 24 months after completion. Quinn's downhole rod pumps and PCPs are also a clear fit with our Automation strategy of integrating downhole devices and instrumentation to monitor and control production."

Lufkin Industries has a potential upside of 62.3% based on a current price of $58.83 and an average consensus analyst price target of $95.5.

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ConocoPhillips Completes Shutdown of Bohai Bay Oilfield

- ConocoPhillips Completes Shutdown of Bohai Bay Oilfield



Sep 6, 2011

ConocoPhillips China (NYSE:COP) has completed the shutdown of its Bohai oilfield operations, as ordered by China marine authority.

The company says it will continue to work with CNNOC (NYSE:CEO), which holds a 51% stake of in the oil field, to develop a plan to reduce reservoir pressure to ensure the safety of the field

ConocoPhillips (NYSE:COP) has a potential upside of 24.6% based on a current price of $66.44 and an average consensus analyst price target of $82.8.

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Dow Chemical Awarded $12.8 Million by Department of Energy To Develop Photovoltaics

- Dow Chemical Awarded $12.8 Million by Department of Energy To Develop Photovoltaics



Sep 2, 2011

As part of the U.S. Department of Energy's SunShot initiative, Dow Solar, a business unit of The Dow Chemical Company (NYSE:DOW), has been awarded a $12.8 million, 3-year grant to fund a program to dramatically reduce the cost of building integrated solar products. The program's goal to ensure that solar power is a viable source for the nation's power needs and economic growth, and accelerate widespread solar adoption.

The Department of Energy grant will help fund a $22.4 million program that brings together leaders from across the entire value chain, including solar solutions providers, national laboratories, universities, leading electronics companies and national home builders to create a new solar technology that reduces the total installation costs and provide reliable, low cost solar energy to residential consumers.

Dow Chemical (NYSE:DOW) has a potential upside of 53.4% based on a current price of $26.83 and an average consensus analyst price target of $41.15.

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Halliburton Filed Claims Against BP In Texas State Court

- Halliburton Filed Claims Against BP In Texas State Court



Sep 2, 2011

Halliburton (NYSE:HAL) filed claims against BP (NYSE:BP) in Texas state court for negligent misrepresentation, business disparagement and defamation related to the April 20, 2010, Macondo incident.

The company also moved to amend its claims against BP in the multi-district litigation in New Orleans, Louisiana, to include fraud.

Halliburton has a potential upside of 66.9% based on a current price of $43.02 and an average consensus analyst price target of $71.79.

Full news
- Halliburton Sues BP In Texas - Alleges Misrepresentation <<


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Integrys Energy Group Announces Two Acquisitions

- Integrys Energy Group Announces Two Acquisitions



Sep 1, 2011

Integrys Energy Group (NYSE:TEG) announced the acquisition of two operating businesses involved in the compressed natural gas fueling business, Pinnacle CNG Systems and Trillium USA, previously owned by Wagner & Brown, Ltd.

Charlie Schrock, Integrys Chairman, President and Chief Executive Officer said, "Expansion into this business is consistent with our mission of providing customers with the best value in energy and related services. Our decision to enter this market is in response to customer needs, and this is complementary to our existing skill sets in regulated and nonregulated natural gas and electric services."

Integrys Energy has a potential upside of 2.4% based on a current price of $49.79 and an average consensus analyst price target of $51.

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GM Reports Sales In August Were Up

 - GM Reports Sales In August Were Up



Sep 1, 2011

General Motors (NYSE:GM) reported that U.S. August sales were up to 18% to 218,479 units.

The company also said that the month-end dealer inventory in the United States was 556,884 units, including 212,520 full-size pick up trucks and it's on track to meet its target of ending 2011 with a full-size pick up inventory of 200,000 units.

General Motors (NYSE:GM) has a potential upside of 75.6% based on a current price of $23.41 and an average consensus analyst price target of $41.12.

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Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco

- Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco



Aug 31, 2011

Tyco International's (NYSE:TYC) flow control unit has been selected by Shell (NYSE:RDS-A) to provide butterfly valves to Shell globally.

The five-year Enterprise Framework Agreement covers more than 2,500 of Tyco's Vanessa, Winn, NeoTecha, Sapag brand butterfly valves, for use in projects, maintenance repair operations and turnaround applications.

David Dunbar, president of Tyco Valves & Controls, a unit of Tyco Flow Control said, "We appreciate the confidence Shell has shown in Tyco Flow Control with this EFA. As Shell grows, Tyco can scale with the company, bringing technology, leadership and service wherever they are needed."

Tyco International (NYSE:TYC) has a potential upside of 25.3% based on a current price of $41.9 and an average consensus analyst price target of $52.5.

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Ford, Zipcar Announce New 2 Year Strategic Alliance for U.S. University Members

- Ford, Zipcar Announce New 2 Year Strategic Alliance for U.S. University Members



Aug 31, 2011

Ford (NYSE:F) and Zipcar (NASDAQ:ZIP) announced a new a strategic alliance establishing Ford as Zipcar's largest university vehicle partner, reaching students at more than 250 campuses.

The first of its kind, two-year tie up introduces a new generation of drivers to Ford vehicles with the highly-fuel efficient Focus and Escape now part of Zipcar's existing fleet of environmentally friendly, reliable and fun vehicles.

Zipcar will offer $10 off the $35 annual membership fee for the first 100,000 new University members who sign up for Zipcar, plus $1 off the hourly rate for the first 1 million hours of use on any of the new Ford vehicles at select colleges and universities

New Ford vehicles start arriving on campuses this week. The program, which could generate 2 million hours behind the wheel of Ford vehicles for college-age drivers, also helps reduce parking demand, congestion and emissions.

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Exxon Mobil and Rosneft Team Up

- Exxon Mobil and Rosneft Team Up



Aug 30, 2011

Exxon Mobil (NYSE:XOM) and Rosneft teamed up with U.S. company ExxonMobil to develop Russian Arctic oil fields, that had eluded BP earlier this year.

Rustam Kazharov, a spokesman for Rosneft told the Associates Press the deal was signed Tuesday in the presence of Russia's Prime Minister Vladimar Putin.

Rosneft struck a deal with BP in January to jointly increase Russia's Arctic but the deal fell through after BP's Russian shareholders managed to block the deal.

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GE Hitachi Nuclear Energy and Exelon Nuclear Sign Services Contract

- GE Hitachi Nuclear Energy and Exelon Nuclear Sign Services Contract



Aug 29, 2011

General Electric (NYSE:GE) Hitachi Nuclear Energy announced that it has been awarded a nearly $150 million integrated outage contract by Illinois-based Exelon Nuclear to help ensure the continued, safe performance of the utility's entire fleet of boiling water reactor nuclear power plants in Illinois, Pennsylvania and New Jersey.

The agreement is effective immediately and runs through completion of the spring outage season in 2015. Terms of the contract call for GEH to provide services for assisting with the refuel floor activities and performing the under-vessel and inspection services.

General Electric (NYSE:GE) has a potential upside of 41.8% based on a current price of $15.92 and an average consensus analyst price target of $22.58.

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TransCanada Pipeline Will Have Limited Environmental Impact

- TransCanada Pipeline Will Have Limited Environmental Impact



Aug 26, 2011

The U.S. State Department concluded that TransCanada (NYSE:TRP) proposed $7 billion KeyStone XL pipeline will have limited impact on the environment, potentially bringing the department closer to a final decision on the controversial project.

TransCanada (NYSE:TRP) has a potential upside of 8.2% based on a current price of $42.48 and an average consensus analyst price target of $45.97.

TransCanada is currently above its 50-day moving average (MA) of $41.96 and above its 200-day of $40.16.

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ConocoPhillips Finds New Leaks Off China's Northern Coast

- ConocoPhillips Finds New Leaks Off China's Northern Coast



Aug 26, 2011

ConocoPhillips (NYSE:COP) has found seven new leaks off China's northern coast.

According to the State Oceanic Administration's North China Sea branch, ConocoPhillips found the new leaks near the Platform C of 19-3 Oilfeld in Bohai Bay.

Last week, the company reported nine leaks near the same platform, and is facing legal action for the spills.

ConocoPhillips (NYSE:COP) has a potential upside of 28.9% based on a current price of $64.24 and an average consensus analyst price target of $82.8.

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Transocean Launches All Cash Voluntary Offer For Aker Drilling

- Transocean Launches All Cash Voluntary Offer For Aker Drilling



Aug 26, 2011

Transocean (NYSE:RIG) announced after receiving clearance by the Oslo Stock Exchange, that it launched its all cash voluntary offer for 100% of the shares of Aker Drilling for 26.50 Kroner per share. The offer has been made on an unconditional basis and with settlement guaranteed by a financial institution.

Transocean has a potential upside of 51.7% based on a current price of $51.47 and an average consensus analyst price target of $78.07.

Transocean is currently below its 50-day moving average (MA) of $59.22 and below its 200-day MA of $70.28.

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