Energy Sector Update for 12/07/2017: XOM,HCLP,WEC

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Top Energy Stocks

XOM +0.26%

CVX -0.09%

COP +0.23%

SLB +0.16%

OXY +0.33%

Energy stocks were edging higher, with the NYSE Energy Sector Index rising almost 0.3% while shares of energy companies in the S&P 500 were up 0.1% as a group. Crude oil for January delivery was up 44 cents at $56.40 per barrel while January natural gas futures were 14 cents lower at $2.78 per 1 million BTU.

In company news, Exxon Mobil ( XOM ) was fractionally higher Thursday afternoon after the energy major said it entered into a partnership with retailer Grupo Orsan to open eight Mobil-branded service stations this week in Queretaro as part of the company's entry in Mexico's fuels market.

The company eventually expects on opening 50 Mobil stations in the Bajio region by the end of March 2018. The new stations will be operated by Grupo Orsan and supplied with gasoline and diesel produced by ExxonMobil's refineries in Texas. Fuels will be distributed by rail through two private fuels terminals located in San Luis Potosi and San Jose Iturbide.

Separately, Exxon said it - together with researchers at Instituto de Tecnologia Quimica (ITQ) in Spain - has discovered a "potentially revolutionary" new material that could significantly reduce the amount of energy and emissions resulting from the production of ethylene.

The new material, composed of a uniquely structured silica zeolite, can be used in gas separation processes, such as the recovery of ethylene from ethane, with an unprecedented degree of selectivity at ambient temperature, the company said.

In other sector news,

(+) NEP, (+0.9%) Credit Suisse begins analyst coverage with an Outperform investment rating and $44 price target.

(-) WEC, (-0.2%) Analysts at Credit Suisse initiate coverage with a Neutral investment recommendation and a $70 price target.

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: XOM , HCLP , WEC

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