NEW YORK (TheStreet) -- Shares of Royal Dutch Shell (RDS.A) closed slightly up 0.02% to $64.25 Monday after the oil company won approval from the U.S. government to resume its oil exploration off Alaska's Arctic coast.
The U.S. Interior Department endorsed Shell's plan to use two rigs to drill up to six exploratory well in the Chukchi Sea as long as the company gets the other permits required, set plans to control any potential leaks, and keep its ships at least four miles away from any walruses in the region, according to Bloomberg.
Shell previously stopped drilling in the area in 2012 when its main drilling rig was lost after it ran aground, which led to regulators imposing new safety rules.
"As we move forward, any offshore exploratory activities will continue to be subject to rigorous safety standards," Director of the Bureau of Ocean Energy Management Abigail Ross Hopper said in a statement.
TheStreet Ratings team rates ROYAL DUTCH SHELL PLC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ROYAL DUTCH SHELL PLC (RDS.A) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."