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Occidental Petroleum Corporation (NYSE:OXY) announced this month it has executed an agreement with a subsidiary of China Petrochemical Corporation (Sinopec) to sell Occidental’s Argentine oil and gas operations for after-tax proceeds of approximately $2.5 billion. Occidental also announced that it had executed agreements to purchase oil and gas properties in South Texas and North Dakota for about $3.2 billion. Additionally, Occidental announced that it has signed an agreement to increase its General Partner (GP) ownership in Plains All-American (NYSE:PAA) to approximately 35 percent; and it has agreed to acquire the remaining 50 percent joint venture interest in the Elk Hills Power Plant.
Occidental Petroleum Corporation, together with its subsidiaries, operates as an oil and gas exploration and production company primarily in the United States. The company operates in three segments: Oil and Gas; Chemical; and Midstream, Marketing, and Other. The Oil and Gas segment explores for, develops, produces, and markets crude oil, California, Kansas, Oklahoma, Utah, and Colorado.
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Wright Express Corp. (NYSE:WXS) announced earlier this month that it has extended its existing fuel-price risk management program through the second quarter of 2012. On December 1, 2010, the Company purchased instruments to cover a portion of its anticipated domestic fuel-price-related earnings exposure for the fourth quarter of 2011 and first and second quarters of 2012. At this time, Wright Express has hedged approximately 80% of its estimated domestic exposure through the fourth quarter of 2011, approximately 53% of its first-quarter 2012 estimated domestic exposure and approximately 27% of its second-quarter 2012 estimated domestic exposure.
Wright Express Corporation, together with its subsidiaries, provides payment processing and information management products and services to the commercial and government vehicle fleet industry in the United States, Canada, New Zealand, Australia, and Europe. It operates in two segments, Fleet and MasterCard.
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Enzo Biochem, Inc. (NYSE:ENZ)
Enzo Biochem, Inc., a life sciences and biotechnology company, engages in the research, development, manufacture, and marketing of diagnostic and research products based on genetic engineering, biotechnology, and molecular biology. ENZ operates in three segments: Enzo Life Sciences, Enzo Clinical Labs, and Enzo Therapeutics. ENZ sells its products through direct sales force and distributors in the United States, Switzerland, the United Kingdom, Belgium, and Germany. ENZ was founded in 1976 and is headquartered in New York, New York.
Enzo Biochem, Inc. reported earlier this week improved sequential results for the first fiscal quarter ended October 31, 2010, the result of recent programs to reduce expenses, consolidate activities and expand operations.
“We are pleased to report that our program instituted this quarter aimed at making Enzo more efficient and designed to produce more effective use of our assets is beginning to show results, as demonstrated by improved performance, ” said Barry Weiner, President of ENZ. “While we are in the early stages of this comprehensive program, the results experienced to date are very encouraging.”
“Moreover, in the first quarter, we achieved several milestones. We submitted Colon Sentry, a unique assay for risk-stratification of colon cancer occurrence, to the New York State Department of Health for approval. In addition, we began enrolling the first patients in our clinical trial of Optiquel, our candidate therapeutic for the treatment of autoimmune uveitis. We also continued to roll out proprietary products and systems designed to aid in drug development,” he added.
To learn more about ENZ visit: http://www.enzo.com
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American Video Teleconferencing Corp. (OTC:AVOT)
AVOT recently announced that it has hired a French speaking geologist to search the archives of the Quebec Department of Mines for Rare Earths showings not on a current computer file. AVOT believes the rare earths industry is where it wants to maintain a very strong focus and is looking to expand its holdings. As neither the Federal nor Quebec Governments have carried out any air borne surveys in this area, AVOT will seek a contractor to do an air borne Mag-EM radiometric survey. This survey will cover its present holdings and the immediate surrounding area looking for future acquisitions. We are pleased to be working in the Province of Quebec as it is rated the number one jurisdiction in the world to carry out mineral exploration. The Quebec Government gives a rebate up to 45% for property expenditures.
Rare-earth metals include terbium, which finds use in flat-panel TVs and high-efficiency fluorescent lamps, and neodymium, key to the permanent magnets in high-efficiency electric motors. Rare-earth metals are not indeed rare. The series of nonferrous metals is common in the environment. According to Design Chain Associates, most rare-earth metals are as common as copper, and even the rarest is more common than gold.
Part of the market pressure on rare-earth metals comes from new demands that green technologies has prompted. The market, including electric- and hybrid-vehicle motors and wind turbines, requires magnets.
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Fresenius Medical Care AG & Co. KGAA (NYSE:FMS) the world’s largest provider of dialysis products and services, and Galenica Ltd. announced the formation of a new renal pharmaceutical company (Vifor-Fresenius Medical Care Renal Pharma Ltd.) designed to develop and distribute on a worldwide basis products to treat iron deficiency anaemia and bone mineral metabolism for pre-dialysis and dialysis patients. The newly formed company extends existing agreements with Galenica.
Fresenius Medical Care AG & Co. KGaA, a kidney dialysis company, offers dialysis treatment services through its clinics. As of December 31, 2009, the company provided dialysis treatment to 195,651 patients in 2,553 clinics worldwide located in approximately 35 countries.
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