Energy Stocks Higher; Riding Big Gains for Crude Oil, Other Commodities

By Staff,

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Top Energy Stocks

XOM +1%, hit year highs

CVX +0.6%, hit year highs

COP +1.2%

SLB +2.8%

OXY +2%

Energy stocks are broadly higher with the NYSE Energy Sector Index rising 1.7% and the S&P Energy Index adding 1.6%. Crude oil for October delivery is up 57 cents at $98.88 a barrel. October natural gas is down 8 cents at $2.95 per 1 million BTU.

In company news, Nexen Inc ( NXY ) are down fractionally today after four Republican U.S. senators voiced concerns over CNOOC Ltd's ( CEO ) proposed $15.1 billion buyout of the Canadian natural gas supplier. At last look, NXY shares are off about 0.2%. CEO ADRs are up about 4%.

In a letter to Treasury Secretary Timothy Geithner, the senators said they were worried foreign national interests are mixing with profit motivation in the transaction. American officials have a say in the deal because NXY has substantial drilling operations in U.S.-governed portions of the Gulf of Mexico.

Two prominent Democrats - Sen. Charles Schumer of New York and Rep. Ed Markey of Massachusetts - previously have expressed their concerns over the transaction in letters to Geithner.

In other sector news,

(+) VQ, (+2%, near year highs) Extends deadline by an additional three days, or until Oct. 8, for the company to obtain the necessary financing to complete its going-private transaction.

(+) ORIG, (+0.3%) Prices $800 million offering of 6.5% senior secured notes due 2017 offered by Drill Rigs Holdings Inc. subsidiary at 99.469% of their face value. Offering was increased $50.0 million from its original announcement.

(+) OPTT, (+0.3%) Reports $0.42 a share Q1 net loss, or $0.10 wider than the consensus estimate. Revenues came in at $1 million, also trailing the $2 million analyst median. OPTT posted a $0.49 a share net loss on $1.9 million in revenue during the same three months last year.

(-) LEI, (-1%) Said gross production during the first two months of fiscal Q2 is up 22% over the prior quarter, reaching 439 barrels of oil per day.

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
Referenced Stocks: CEO , NXY

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