The Brazilian state-run energy company Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), is looking to cut labor costs as its spending on developing oil fields accelerates. Despite the relatively high oil prices of 2013, many oil companies are struggling to keep profits and revenue healthy in the face of crippling costs. Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) stock opened at $12.53 in last session, and closed at $12.48, while the day range of stock is $12.42 – $12.65. The stock showed a negative weekly performance of -2.80%.
Matt Fox, ConocoPhillips (NYSE:COP) executive vice president, exploration and production, told the Alaska Support Industry Alliance Meet Alaska conference on Jan. 10 that the Alaska oil industry must compete for investment capital in a world that is seeing a shale oil revolution and where multiple gas projects are lining up to vie for business. ConocoPhillips (NYSE:COP) stock opened at $68.02, in last session and closed at $67.51, by losing -0.47%. The 52 week range of the stock is $56.38 – $74.59. Company’s market capitalization is $82.71 billion.
Citigroup Inc. has also taken action a number of other stocks recently. The firm upgraded shares of TOTAL S.A. (ADR) (NYSE:TOT) from a neutral rating to a buy rating. Total SA (ADR) (NYSE:TOT) stock decreased -0.32% and finished the last session at $59.37. The EPS of the stock remained 5.46. Company’s market capitalization is $134.65 billion.
Chevron Corporation (NYSE:CVX) U.K. subsidiary, Chevron North Sea Limited, has reached a final investment decision and received approval from the U.K. government to proceed with the development of the Alder Field in the Central North Sea, according to Chevron Corporation. Chevron Corporation (NYSE:CVX) stock opened the session at $119.03, and closed the session at $119.29. The 52 week range of the stock remained $113.50 – $127.83 and the day range was $118.74 – $120.38.
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