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Top Energy Stocks

XOM +0.5%

CVX -0.7%

COP -3%

SLB +0.03%

OXY -0.9%

Energy stocks are lower this afternoon with the NYSE Energy Sector Index down about 0.3% and the S&P Energy Index falling about 0.7%. Crude oil for September delivery is down $1.03 at $87.47 a barrel. August natural gas is down 11 cents at $3.08 per 1 million BTU.

In company news, shares of Royal Dutch Shell (RDS-A) are up fractionally today after the energy major signed a pair of new upstream deals with Chinese state-run firms CNOOC Ltd. ( CEO ) and China National Petroleum Corp.

The new production sharing contract with CEO establishes terms for its participation in two offshore exploration blocks in the Yinggehai Basin near the Gabon coast. RDS-A, as operator, expects to use advanced seismic technology to collect 3D data and will cover survey costs in addition to using advanced drilling techniques to drill exploration wells during preliminary operations.

RDS-A will maintain a 100% working interest during exploration, which will decline to a 49% stake during any development phase and CEO becoming the majority partner. CEO shares are down about 0.7% today.

The second deal expands RDS-A's relationship with Petro China in the Changbei tight-gas field in the central Sichuan province of China and looks to further development of the main reservoir above the current production plateau of 320 million cubic feet of natural gas per day. RDS-A will remain the operator of the Changbei field.

In other sector news,

(+) HES, (+1.3%) Reports Q2 earnings of $1.61 a share, beating the Capital IQ consensus by $0.20. Revenue was $9.31 billion, $490 million better than estimates.

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