Energy Stocks Trying To Move Back Into the Black; Saratoga Resources Rallies After Positive Tests For Gulf Well


Top Energy Stocks

XOM +0.22%

CVX -0.16%

COP -0.38%

SLB -0.20%

OXY +0.02%

Energy stocks are mixed in late trade, bouncing back from earlier declines with the NYSE Energy Sector Index falling 0.2% while shares of energy companies in the S&P 500 are now up 0.1% as a group. Crude oil for October delivery fell $1.26 to settle at $1043.85 per barrel. September natural gas was up 2 cents at $3.46 per 1 million BTU.

In company news, Saratoga Resources ( SARA ) is up 13.5% at $1.85 a share shortly before the closing bell and the company reporting solid results from its newest wells in the Breton Sound off the coast of Louisiana in the Gulf of Mexico.

Among the highlights, SARA said the Rocky well was tested yesterday, producing a gross rate of 600 barrels of oil per day and 120 million cubic feet per day of natural gas. The rate continues to improve as the well stabilizes.

The company also said the Zeke well is ready for completion and subsequent testing. If successful, the well also will be tied back to the Breton Sound 32 platform.

In other sector news,

(+) ROYL, New study indicates its shale acreage on Alaska's North Slope is qualified prospective resource with nearly 640,000 barrels of oil per well drilled.

(-) EXXI, Revenue declines 8.1% to $314.3 mln but still tops estimates by $1.57 mln. Q4 EPS of $0.72 per share beats by $0.26 per share.

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: SARA

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