Energy Stocks Making Headlines (FLS, KOG, CVX, CRED, SDRL)

Flowserve Corporation (NYSE:FLS) is down 0.75% to $99.69 on a traded volume of 202k shares. The board of directors updated capital structure strategy designed to make the Company’s financial structure more efficient. This capital structure strategy will include returning additional capital more quickly to shareholders through a new $1 billion stock repurchase program approved by the board.

Kodiak Oil & Gas Corp (NYSE:KOG) plunged 3.26% to $7.12. The Company provided an interim corporate update on recent drilling and completion activities. Operated Wells in the Koala project area in northern McKenzie County N.D. Kodiak recently completed three high-working-interest wells in the Middle Bakken Formation. In the Dunn County project area, fracture stimulation procedures were recently completed on two wells in the Skunk Creek area.

Chevron Corporation (NYSE:CVX) went down 0.20% to $96.20. The Company is interested in developing matured oilfields off the coast of Mexico. According to public documents posted by Pemex on its website, these are part of state-run oil firm Petroleos Mexicanos's second contract auction.

CREDO Petroleum Corporation (NASDAQ:CRED) soared 31.68% to $14.31. The board of directors has entered into a definitive agreement with Forestar Group Inc. Forestar Group will acquire all the outstanding shares of Credo's common stock for $14.50 per share or approximately $146 million. The board of directors of Forestar has also approved the transaction. The transaction is expected to close in the second half of 2012.

Seadrill Ltd (NYSE:SDRL) decreased 1.46% to $31.73. The Company is in advanced discussions regarding a new five-year contract for the drillship West Polaris. This new contract will start in direct continuation of the existing assignment that will complete in October 2012. The potential contract revenue for the five-year period is approximately USD 1.16 billion. A final agreement is expected within July 2012.