Energy Stocks Rising Today; Chesapeake Energy Names New CEO, Lifting Shares 4%

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Energy stocks were higher with the NYSE Energy Sector Index (^NYE) rising about 1% and the S&P Energy Index (^IXE) climbing almost 1.5%. Crude oil for June delivery (CLM13.NYM) was up 79 cents to $96.81 per barrel while June natural gas (NGM13.NYM) cents was up 8 cents to $4.14 per 1 mln BTU.

In company news, Chesapeake Energy Corp. ( CHK ) was up 3.8% to $21.04 after naming Doug Lawler as its new CEO, replacing Aubrey McClendon, who stepped down April 1.

Lawler currently is senior vice president of international and deepwater operations at Anadarko ( ADP ). He started his career with Kerr McGee Corp, which ADP acquired in 2006.

"There is significant value in Chesapeake's asset base and the growth potential of the Company is tremendous," Lawler said in a prepared remarks. "I look forward to accelerating the momentum that the Chesapeake team has built to generate value for our shareholders in the years ahead."

In other sector news,

(+) PXP, (+7.2%) Declared a special dividend of $3 a share, conditioned on the oil company completing its merger with Freeport-McMoRan Copper & Gold Inc. ( FCX ). PXP shareholders are voting on the deal today. FCX shares are up 0.6%.

(-) RIG, (-0.6%) Named in a suit filed late Friday by Texas officials seeking damages connected to the April 2010 explosion and resulting oil spill at the Deepwater Horizon offshore drilling platform. Other defendants include BP ( BP ), Anadarko ( APC ) and Halliburton (HAL).

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: ADP , APC , BP , CHK , FCX

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