Energy Stocks Lower, Crude Oil Largely Unchanged; Royale Energy Rises After North Slope Shale Study

By Staff,

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Top Energy Stocks

XOM +0.17%

CVX -0.45%

COP -0.45%

SLB -0.07%

OXY -1.04%

Energy stocks are moderately lower, with the NYSE Energy Sector Index falling 0.5% while shares of energy companies in the S&P 500 are down 0.4% as a group. Crude oil for September delivery is 4 cents higher at $105.00 per barrel. September natural gas is up 3 cents at $3.48 per 1 million BTU.

In company news, Royale Energy, Inc. ( ROYL ) is up 5.2% at $2.86 a share, rising as high as $3.11 after saying a new study indicates its shale acreage on the North Slope of Alaska is a qualified prospective resource with an average recovery rate of 3,995 barrels of oil per acre from the combined shale intervals.

Based upon estimated drilling density of 160 acres per well, this equates to 639,119 barrels of oil per well drilled.

In other sector news,

(+) FANG, (+1.1%) Raises net proceeds of $154.3 mln after pricing a public offering of 4 mln shares of its common stock at $40.25 apiece. If underwriters exercise their over-allotment options in full, the take rises to $177.4 mln.

(-) EXXI, (-0.1) Gives back early gains after Q4 EPS of $0.72 per share beats by $0.26 per share. Revenue declines 8.1% to $314.3 mln but still tops estimates by $1.57 mln. Proved reserves at the end of FY13 climbs 50% over year-ago levels.

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: ROYL

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