Albany, New York (09/23/2014) – Exxon Mobil Corporation (NYSE:XOM) has put its refinery in California on the block, according to a Reuters report. The $414 billion business organization becomes the latest of the big oil companies to consider exiting California. The reason for the sale of the Torrance refinery has been cited as being linked to the stringent environmental standards in the state. The Torrance refinery has a capacity of 155,000 barrel per day, and it is the smallest of the plants that Exxon Mobil (XOM) operates in the U.S. Other major oil companies such as BP and Shell have exited California because of the tough environmental regulations there. An Exxon Mobil Corporation (NYSE:XOM) spokesman declined to comment on the sale of Torrance refinery, citing that the company does not comment on market speculations.
Valero Energy Corporation (NYSE:VLO) now carries consensus rating of a “buy” and average target price of $57.64, which signals significant potential upside from the prevailing price. The latest rating view reflects the opinion of 18 analysts that are currently covering the stock. Nine analysts rate Valero Energy (VLO) a “buy”, one has a “strong buy” rating on it and six analysts rate it a “hold”. Valero Energy (VLO) last reported its quarterly results on July 30, during which it earned $1.22 per share on revenue of $34.90 billion. That compared with estimated earnings of $1.65 per share on revenue of $32.16 billion for the quarter. Revenue was up 2.6% in the quarter. Valero Energy Corporation (NYSE:VLO) recently updated that it would report its next quarter (3Q2014) on November 4.
Talisman Energy Inc. (USA) (NYSE:TLM) will need about $20 billion over a duration of two decades to develop its Duvemay shale assets in Alberta. Talisman Energy (TLM) said it is capable of meeting an expenditure of between $400 and $500 million a year on the Duvemay project. However, the company may consider contacting a partner to collaborate in a joint venture in the Duvemay shale formation. Talisman Energy Inc. (USA) (NYSE:TLM)’s CEO, Hal Kvisle, said they would know in the coming months whether or not they’ve got a partnership deal for the Duvemay assets.
