Energy Stocks Still Adding to Gains; Vaalco Climbs to 7-Year High After Completing Floating-Rig Repairs


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Top Energy Stocks

XOM +1.77%

CVX +0.17%

COP +1.00%

SLB +1.13%

OXY +1.31%

Energy stocks were padding their gains in late trade with the NYSE Energy Sector Index climbing 1.0% while shares of energy companies in the S&P 500 were up 0.9% as a group. Crude oil for May delivery settled $1.02 higher at $101.28 per barrel while April natural gas jumped 18 cents to finish at $4.58 per 1 million BTU.

In company news, Vaalco Energy ( EGY ) was posting some of its best share prices in over seven years Thursday after saying scheduled maintenance on its floating, production, storage and off-loading vessel was completed ahead of schedule, allowing work to resume at Etame Marin block off the coast of Gabon in west Africa.

The company also said it took advantage of the down time for the floating vessel to repair other infrastructure in the same region, including replacing two electric submersible pumps on the Avouma 2-H well.

EGY shares were ahead nearly 6% in late afternoon trading, just 6 cents off their session high and matching their best levels since June 2006.

In other sector news,

(+) REXX, Recently adds a second rig to its drilling program of the Butler Operated Area in Pennsylvania. Now expects Q1 production will be near the high end of its guidance projecting 115.0 mln to 118.0 mln cubic feet per day.

(+) HFC, Announces plans to expand into the asphalt business into Oklahoma and surrounding state by securing a long-term lease for an asphalt terminal in Catoosa, Okla., in addition to its existing facility in Tulsa. Terms were not disclosed.

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

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This article appears in: Investing , Commodities

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