Rebound for Crude Oil Lifts Energy Stocks; Noble Energy Higher on Well Sales, Gulf Update

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Energy stocks are higher today with the S&P Energy Index rising around 1.6%. Crude oil for August deliver is climbing again, now up nearly $2 - or about 2.3% - at around $85.89 a barrel.

In company news, Noble Energy, Inc. ( NBL ) shares are up more than 2% after the energy independent signed a definitive agreement to sell stakes in around 900 oil and natural gas wells in western Oklahoma and the Texas Panhandle to a wholly owned petroleum subsidiary of Unit Corp ( UNT ) for $617 million. The deal has an April 1 effective date and should close in September 2012.

NBL last night also warned it will book a $118-million exploration expense during Q2 after suspending its Deep Blue prospect in the Gulf of Mexico. Three other deepwater wells in the company's Galapagos development in the Gulf, however, are producing about 30% above forecasts, generating about 13,000 barrels of oil and 8 million cubic feet of natural gas daily - lifting NBL's deepwater production to around 30,000 barrels of oil equivalent per day and consisting of over 80% oil.

UNT shares are up more than 3% today.

In other sector news,

(-) WPZ, (-0.1%) Providing $380 million for a projected $800-million joint venture developing pipeline infrastructure for oil and gas producers in the Utica Shale in Ohio and Pennsylvania.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: NBL , UNT

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