Last night's "Mad Money" featured a brief drill-down on oil stocks. The gist: Jim Cramer isn't sold on oil behemoth
He does, however, dig
, for its dividend yield and bettering fundamentals, and pumps
, below $48, as two of his favorite plays in the sector.
Still, ahead of an Energy Department report this morning, all of the big oil stocks were in the red; the report is expected to announce a drop in crude oil reserves from the previous week.
Chevron and BP both finished in positive territory yesterday, albeit with less than 1% gains for each. But each were already down nearly 2% just after the open Wednesday morning.
Chevron and BP are still changing hands in positive territory for the past week, up around 6% each.
Last week, Chevron said 75% of the $22.8 billion ear-marked for expenditure and exploration plans in 2009 will be used for crude oil and natural gas exploration.
Also last week, BP's solar division said it was partnering with German-based RGE Energy to create one of the world's largest solar projects.
The photovoltaic project will be launched in the third quarter, and the build will have a 46 megawatt capacity and be constructed in Koethen, Germany. BP Solar said it will supply 210,000 PV modules. The companies expect the plan to deliver about 43,000 megawatt hours per year of electricity.
According to its release, that will be enough electricity for 11,500 four-people households. It will also save about 25,600 tons of CO2 emissions.
BP Solar is also offering a yield guarantee on the modules.
"With the additional yield guarantee, we are standing behind the quality of our product. We are convinced that our cooperation with RGE Energy AG will benefit us greatly in the German market, a market we strongly value," BP Solar CEO Reyad Fezzani said in the release. "This project also emphasises our view that PV crystalline technology will continue to be a leader in the solar sector."
Exxon Mobil shares have risen by more than 7% in the past month, but dipped into the red at the open, losing over 1% in the first few minutes.
It was announced today that a unit of Exxon Mobil entered into a $2.1 billion deal with Petronas, a Malaysian-owned oil company. The plan is to develop seven existing offshore oil fields: Seligi, Guntong, Tapis, Semangkok, Irong Barat, Tabu and Palas.
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