Top Energy Stocks
Energy stocks are higher. Crude oil for October delivery is up
77 cents at $109.78 per barrel. September natural gas is off 3
cents at $3.51 per 1 million BTU.
In company news, Marathon Oil Corp (
) is up 3.7% at $34,62 a share, pacing sector gains after crude oil
futures earlier rose to a two-year high at $112.24 per barrel and
were close to pulling within range of 2011's high-water mark of
$113.93 per barrel.
Growing consensus the U.S. and other Western power will respond
with a limited military action against Syria following that
country's alleged use of chemical weapons against civilians
nonetheless is fueling uncertainty through the rest of region,
pushing up the price of oil.
On the world stage, UK leaders are expected later today to
introduce a draft resolution on Syria to the UN Security Council
while the U.S. is expected to release proof of chemical weapons use
in Syria by tomorrow.
Also pushing up oil prices is the recent decline in Libyan
Among other other oil majors, Exxon Mobil (
) is up 2% at $88.57 a share while Chevron Corp (
) is ahead 2.6% at $121.89 a share.
In other company news.
(-) FRO, (-10.8%) Adjusted Q2 net loss dropped to $1.54 per
share, trailing analyst expectations looking for a $0.50 per share
loss. Revenue declined 33% to $121.2 mln, topping the $47.6 mln
Capital IQ consensus.
(+) PNG, (+8.5%) Receives $80.5-mln buyout proposal from Plains
All American Pipeline (
), which is seeking to purchase the 54% of PNG equity units it
already doesn't own by offering 0.435 of its units for each PNG
unit. PAA is down 0.7% at $51.09 a share.
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