Top Energy Stocks
Energy stocks are narrowly mixed today with the NYSE Energy
Sector Index currently down about 0.3% while shares of energy
companies in the S&P 500 are now up about 0.1% as a group.
Crude oil for October delivery is down $1.43 at $107.37 per barrel.
September natural gas is unchanged at $3.57 per 1 million BTU.
In company news, BP plc (
) is down 0.8% at near $41.30 per ADR, trading near its session
lows after a federal appeals court late yesterday reversing an
earlier decision favoring the company in a multimillion-dollar
BP has argued that it is entitled to a portion of $750 million
in coverage from a Transocean (
) insurance policy to help it pay pollution-related costs following
a huge April 2010 explosion, fire and spill in the Gulf of
BP leased the drilling rig that exploded from RIG. A district
court judge nearly three years rejected BP's arguments although
that decision was overturned by the Fifth U.S. Circuit Court of
Appeals in March.
But on Thursday, a three-judge panel from that same court said
the outcome of the dispute isn't clear and said it would seek
answers for two key questions from the Texas Supreme Court before
making a final ruling, letting the original district court decision
In other sector news,
(+) APA, (+7.6%) Sells 33% stake in its Egypt oil and gas
business to a unit of China Petrochemical Corp for $3.1 bln in a
deal expected to close in Q4, subject to regulatory approvals.
Separately, UBS reduced its EPS estimates for APA, setting $90
(-) HOS, (-2.5%) Launches exchange offer for $450 mln of its
5.0% senior notes due 2021, with those notes to be exchanged for an
equal number of 5.0% Series B senior notes due 2021.