Energy Stocks Rising; Anadarko Gains After Selling Stake in Chinese Offshore Project for Nearly $1.1 Bln


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Energy stocks were higher Tuesday, with the NYSE Energy Sector Index rising about 0.6% while shares of energy companies in the S&P 500 were up about 0.6 % as a group. Crude oil for March delivery was up $1.38 at $101.68 per barrel while March natural gas added another 24 cents to $5.45 per 1 million BTU.

In company news, Anadarko Petroleum ( APC ) shares were higher Tuesday, rising about 1.6% after announcing a deal to sell its non-operating interest in the Bohai Bay field in China to Brightoil Petroleum Ltd for $1.075 billion.

APC averaged around 11,000 barrels in daily net oil sales from Bohai Bay during 2013. The transaction is expected to close later this year, subject to preferential rights, regulatory approvals and other closing conditions.

The stock was up 1.6% at $82.80 in recent trading, maintaining a perch just 12 cents off its intra-day high. Shares have a 52-week range of $73.60 to $98.47 each.

In other sector news,

(+) EPL, (+7.8%) Favorable Barron's article this weekend says oil and gas company "Ready to Rally."

(-) DRC, (-8.0%) Suspending operations at its six pig-manure treatment facilities in Spain due to proposed regulations that would significantly reduce beneficial tariffs. Forecasts FY14 revenue in range of $3.0 bln to $3.2 bln, trailing estimates for $3.49 bln in annual revenue. Shares also were downgraded by Nataxis.

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

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