Energy Stocks Declining; Crude Oil Reverses Earlier Gains, Now Edging Lower


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Top Energy Stocks

XOM -0.4%

CVX -0.60%

COP -0.45%

SLB -1.1%

OXY -0.24%

Energy stocks are broadly lower, with the NYSE Energy Sector Index down 0.8% and the S&P Energy Index falling 0.7%. Crude oil for November delivery is now down a penny at $91.84 a barrel, giving back small gains earlier today. November natural gas is down 3 cents at $3.27 per 1 million BTU.

In company news, shares of LINN Energy LLC ( LINE ) are holding near its 52-week high today after the oil and gas company updated its Q3 and FY12 guidance.

For Q3, LINE said the mid-point of its adjusted EBITDA range should be about $380 million with total production reaching between 760 million to 780 million cubic feet of natural gas equivalent per day. For the full year, the company now see adjusted EBITDA of around $1.365 billion with total production averaging between 660 million to 685 million cubic feet per day.

LINE also updated its Hogshooter drilling program the Granite Wash oil field in western Oklahoma near the Texas Panhandle, saying it drilled another nine wells during Q3, bringing the total number of wells to 12 with an average per-well daily production rate of 2,110 barrels of oil, 528 barrels of natural gas liquids and 3.4 million cubic feet of natural gas.

In other sector news,

(-) BP, (-1.4%) Announced the sale a chemical subsidiary in Malaysia to Reliance Global Holdings for $230 million in cash, the latest divestment for the company since the 2010 Gulf of Mexico Oil Spill.

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 , Commodities

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