Seeking Alpha
What is your profession? ×
Profile| Send Message|
( followers)
Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Chevron Australia discovery captures attention []

Summary: Chevron announced on Friday its new Western Australian natural gas discovery adjacent to the $8.4 billion Gorgon project. The company says the Clio field has 623 feet of net gas sands. However, Chevron has yet to say how many cubic feet of natural gas they can extract from the well for the targeted Asian and North American markets. Initial reports reveal that the Clio well contains less CO2 than other wells in the area, which adds a significant greenhouse benefit. The well was found in an exploration permit area which is divided between Chevron and Royal Dutch/Shell in a 67/33 split. Analysts are pleased with the discovery but express concern about the company's ability to secure permits for the Gorgon project and sign on customers.
Related links: Additional coverage: Bloomberg, Reuters. Commentary: Falling Oil Prices: Producers Are Playing a Game of ChickenNatural Gas is Running Out of Steam. Earnings conference call transcripts: Chevron Q3 2006.
Potentially impacted stocks and ETFs: Chevron (NYSE:CVX) • Competitors: BP (NYSE:BP), Royal Dutch/Shell (RDSA), ExxonMobil (NYSE:XOM), Total S.A (NYSE:TOT) • ETFs: iShares Russell 1000 Value Index (NYSEARCA:IWD), WisdomTree High-Yielding Equity (NYSEARCA:DHS), WisdomTree LargeCap Dividend (NYSEARCA:DLN), WisdomTree Total Dividend (NYSEARCA:DTD), iShares Russell 3000 Value Index (IWW)

Seeking Alpha's Wall Street Breakfast summarizes today's key market- and stock-moving news. Receive it by email every weekday morning (free/no spam).

Seeking Alpha is not affiliated with