Yesterday, investors seemed to have moved some of their focus on Occidental Petroleum Corp (NYSE:OXY) and that was evident from the price action in the company’s stock.
Although there was no fresh news about the company on Wednesday, the Occidental Petroleum stock ended the day with gains of as much as 8%. In light of such gains, it might be a good time for investors to take a look at a development with regards to the company from back on September 8. On that day, the company revealed in a security filing that as many as seven out of the total of 10 offshore oil producing platforms in the Gulf of Mexico continued to be offline since operations were affected by Hurricane Ida.
Back in August the Gulf of Mexico had been ravaged by Hurricane Ida and had knocked off as much as 80% of the offshore oil and gas platforms in the region.
However, the restarting operation has been slowed down considerably owing to the damage caused to the gas transfer facilities in the region. While it is true that the update from the company was not a particularly positive one, it seems that investors are betting that operations might start soon. It might be a good idea to keep an eye on the developments with regards to Occidental Petroleum.
Allied Energy Corp. (OTCMKTS:AGYP) is emerging as an independent oil company that is now pumping oil from reworked commercialized well sites. For oil and gas investors, AGYP’s performance and stock deserves a view as a rare domestic energy producer in a global world of oil and gas shortages. By reworking the wells AGYP is also reducing their carbon footprint.
