Top Energy Stocks
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. (
) 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 (
) 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
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.