Energy Stocks Following Crude Oil Lower; Elliott Management Steps Up Fight For Control of Hess

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Energy stocks are lower today with the NYSE Energy Sector Index slipping 0.4% and the S&P Energy Index falling 0.6%. Crude oil for May delivery is continuing its recent slide, giving up another $1.54 to now trade at $92.91 per barrel. May natural gas is up 3 cents to $3.93 per 1 mln BTU.

In company news, Hess Corp ( HES ) is down 1.4% a just above $71 a share as a proxy fight for control of the oil and gas company continues to heat up, with Elliott Management today filing new documents asserting " the record clearly demonstrates the history of a CEO focused more on maintaining a family dynasty than instilling accountability and addressing chronic underperformance."

Among the factors Elliott cites for bringing in a new chief executive and implementing other changes at the company are its contention HES shares have underperformed by 460% during the CEO's tenure, including a 50% shortfall over the past two years. It also stated the company has been in a "state of perpetual, ineffective restructuring" for 17 years.

In other sector news,

(-) RDS-A, (-0.9%) Royal Dutch Shell Geelong Australia refinery is now for sale, according to reports.

(-) NBL, (-1.6%) Increases gross resource estimate of its Tamar offshore natural gas field near Israel by 1 trillion cubic feet to 10 trillion cubic feet. Also says initial sales began March 31, with all five of the subsea wells producing a combined 300 mln cubic feet per day. NBL has a 36% interest in the Tamar field.



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

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This article appears in: Investing , Commodities

Referenced Stocks: HES

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