Energy Stocks, Crude Oil Continue Slide; Exxon Advancing LNG Partnership in Russia


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Top Energy Stocks

XOM +0.13%

CVX -0.13%

COP -0.83%

SLB +0.06%

OXY +0.01%

Energy stocks are lower for a third day, with the NYSE Energy Sector Index falling 0.8% while shares of energy companies in the S&P 500 are down 0.6% as a group. Crude oil for August delivery is down $1.90 to $93.22 per barrel while July natural gas is down 6 cents to $3.88 per 1 mln BTU.

In company news, Exxon Mobil Corp ( XOM ) is up about 0.1% to $89.16 a share, with the energy giant and its Russian counterpart, Rosneft, agreeing to move to the next planning phase for an liquified natural gas development in the Russian Far East.

XOM said agreements are now in place, establishing the foundation for a new joint venture for a tight oil pilot project in West Siberia, where data collection operations are currently underway. Rosneft will hold 51% interest with XOM owning the rest.

Also in place is a pact identifying further steps for the development of an LNG plant in the Russian Far East. Following the agreement, the parties will undertake work to determine an LNG plant site, gas liquefaction technologies and commercial structure of the project by the end of 2013.

In other sector news,

(-) EPD, (-1.6%) Expands its bank credit facilities by $1 bln to a total of $4.5 bln, consisting of an amended $3.5-bln multi-year revolving facility maturing in June 2018 and a new $1 bln, 364-day revolving credit agreement.

(-) DK, (-3.1%) Declares special cash dividend of $0.10 per share payable July 30 for shareholders of record on July 9.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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