ExxonMobil (XOM) Allowed Partial Restart of Pegasus Pipeline

NEW YORK (TheStreet) -- A year after spilling approximately 5,000 barrels of oil into an area in Arkansas, Exxon Mobil (XOM) has been granted a partial restart of the affected section of its Pegasus pipeline, according to a Reuters report.

U.S. regulators at the Pipeline and Hazardous Materials Safety Administration (PHSMA) said they had approved a partial restart of the 210-mile pipeline which runs from Corsicana, Texas to Nederland.

The restart allows for 80% of the operating pressure before the spill in Mayflower, Arkansas on March 29 last year. Sections in the northern end of the pipeline will remain closed.

Shares of the oiler nudged 0.06% higher to $97.76 by market close Monday.

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TheStreet Ratings team rates EXXON MOBIL CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate EXXON MOBIL CORP (XOM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, increase in stock price during the past year and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."

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