Energy Stocks Slightly Lower, Crude Up 1%; Plains Exploration Gaining on Preliminary Q2 Sales, Production

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Top Energy Stocks

XOM -1.7%

CVX -1%

COP -0.8%

SLB +0.9%

OXY -0.1%

Energy stocks are moderately lower with the S&P Energy Index slipping 0.4%. Crude oil for August delivery is up slightly more than 1%, adding 89 cents to $85.34.

In company news, Plains Exploration & Production Company ( PXP ) shares are up more than 4% today with the firm reporting an 18% in daily oil sales volume during Q2 compared to the prior quarter.

Q2 production was roughly flat year-over-year, averaging about 98,000 barrels a day during the three months ended June 30 compared with 97,700 barrels a day in the year-ago period. Oil and liquid hydrocarbon prices rose 5.6% from 2011 to $95.50 helping offset a 48% decline in natural gas to $2.18 per 1,000 cubic feet.

Analysts, on average, are expecting PXP to generate $578.6 million in Q2 sales, up from $514.8 million last year. They see the firm earning $0.65 cents a share versus a $0.54 a share profit during the same three months in 2011. PXP will report earnings on Aug. 2.

In other sector news,

(+) MIL, (+2.6%) Offers $1.25 a share - or $33 million overall - for Compton Petroleum. The combined firms also raised $8.2 million in a private placement.

(+) GEL, (+1.8%) Approves a 10.8% increase for its Q2 distribution to $0.46 per unit, payable Aug. 14 to unitholders of record on Aug. 1.

(-) BHI, (-0.2%) Says 1,285 rigs in field during June, up 60 from the prior month and 127 more than the year-ago period.

(+) ATW, (+0.2%) Wins minimum 200-day contract from Glencore Exploration for drilling services in Camaroon with a $155,000 dayrate.

(-) CHK, (-0.9%) Completes $2-billion sale of its stake in Chesapeake Midstream Partners LP ( CHKM ) to funds managed by Global Infrastructure Management LLC.

(-) XOM, (-1.7%) Beginning production from Kizomba Satellites project off Angola coast. Expecting about 100,000 barrels of oil a day during Phase I.

(-) GEVO, (-7.2%, has hit new year lows) Injunction bars firm from supplying automotive blendstock market with biobased isobutanol while a court ruling in a patent dispute siding with GEVO is appealed.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: CHKM , PXP

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