Energy Stocks Trading Lower; Longwei Petroleum Up Sharply Following Asset Purchase

By Staff,

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Top Energy Stocks

XOM -0.18%

CVX +0.22%, went close to year highs

COP +0.21%

SLB -1.1%

OXY -0.8%

Energy stocks are mostly lower today with the NYSE Energy Sector Index falling about 0.7% and the S&P Energy Index also down about 0.7%.

In company news, Longwei Petroleum Investment Holding ( LPH ) is up 27% and has touched a day high $1.65 - compared to a year high $1.83 - after saying this morning it will complete the $110.6-million purchase of the assets of Huajie Petroleum Co., a fuel storage depot in northern Shanxi Province, by the end of this month.

In other sector news,

(-) CGV, (-5.5%) Acquiring Fugro's Geoscience sivision, excluding the existing multi-client library and nodes businesses, with CGGVeritas will become a fully integrated Geoscience company. The transaction is valued at 1.2 billion euros, or $1.55 billion.

(+) CVX, (+0.3%, went close to year highs) The U.S. Environmental Protection Agency reportedly is conducting a criminal probe in accusations the company has been routing pollutants around monitoring equipment at Richmond refinery and instead burning them off.

(-) HUSA, (-7.9%) Said today it will seek additional financing to support long-term development of its oil and gas properties. Decision follows recent review of strategic alternatives.

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: LPH

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