Energy Sector Update for 06/19/2017: CVX,RICE,EQT,NADL,SDRL

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Top Energy Stocks

XOM -1.01%

CVX -1.02%

COP -0.39%

SLB -0.79%

OXY +0.32%

Energy stocks fell to start the new week, with the NYSE Energy Sector Index declining about 0.5% while shares of energy companies in the S&P 500 were down slightly more than 0.9% as a group. Crude oil for August delivery settled 54 cents lower at $44.20 per barrel while July natural gas futures fell 14 cents to $2.89 per 1 million BTU.

In company news, Chevron ( CVX ) was finishing near its session low Monday of $107.33 a share after the U.S. Supreme Court declined to review lower a series of court decisions tossing out a $9.5 billion judgment against the energy major in Ecuador, contending that judgment was not enforceable in the United States because it was the result of fraud and racketeering in the Latin American country.

In other sector news,

(+) RICE, Agrees to $6.7 bln in cash and stock buyout offer from EQT ( EQT ), which will exchange 0.37 of its share and $5.30 a share in cash for each Rice share. EQT also will assume or refinance $1.5 bln of Rice debt and preferred stock.

(-) NADL, Receives one-well contract with a minimum $7 mln backlog and beginning in April 2018 for Seadrill's ( SDRL ) semi-submersible West Hercules drillship to test an appraisal well in the Cambo discovery in the United Kingdom.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: CVX , EQT , SDRL , RICE , NADL

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