Top Energy Stocks
CVX -0.8%, earlier hit new 52 week high
Energy stocks are slightly lower with the NYSE Energy Sector
Index and the S&P Energy Index both declining about 0.25%.
Crude oil for May delivery is up 93 cents to $94.64 per barrel. May
natural gas is up 4 cents to $3.99 per 1 mln BTU.
In company news, ZaZa Energy (
) is up nearly 5% at $1.73, earlier climbing as high as $1.98 after
saying it will sell about 10,000 net acres in southeastern Texas,
generating around $42 mln in net proceeds. It also plans to sell
its remaining properties in Fayette, Gonzalez and Lavaca counties
of Texas for an additional $9.2 million. Both deals are expected to
close during Q2.
Separately, ZAZA has signed a joint exploration and development
agreement with a large, unnamed oil and gas firm to further develop
about 73,000 acres in the Eaglebine shale formation. The joint
venture partner will receive up to a 75% working interest in the
project with ZAZA retaining a 25% working interest.
Early-stage drilling preparations are already underway for the
first two wells under the joint venture with the companies
expecting to have drilled three earning wells by next January.
In other sector news,
(-) LNG, (now flat after earlier hitting new year highs of
$26.60) Inks $15-bln deal to supply 1.7 million metric tons of
liquidified natural gas each year to Centrica, a British gas and
electric supllier, according to the (U.K.) Daily Telegraph.
(+) GST, (+6.2%) Says production to date has been little
affected by Friday's rupture of a Williams Partners (
) natural gas pipeline in Marshall County, W. Va., reaffirming its
Q1 production guidance of 38 mln to 41 mln cubic feet per day. WPZ
is down 0.3%.
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