Energy stocks are lower today with the NYSE Energy Sector Index
slipping 0.4% and the S&P Energy Index falling 0.6%. Crude oil
for May delivery is continuing its recent slide, giving up another
$1.54 to now trade at $92.91 per barrel. May natural gas is up 3
cents to $3.93 per 1 mln BTU.
In company news, Hess Corp (
) is down 1.4% at near $71 a share as a proxy fight for control of
the oil and gas company continues to heat up, with Elliott
Management today filing new documents asserting " the record
clearly demonstrates the history of a CEO focused more on
maintaining a family dynasty than instilling accountability and
addressing chronic underperformance."
Among the factors Elliott cites for bringing in a new chief
executive and implementing other changes at the company are its
contention HES shares have underperformed by 460% during the CEO's
tenure, including a 50% shortfall over the past two years. It also
stated the company has been in a "state of perpetual, ineffective
restructuring" for 17 years.
In other sector news,
(-) RDS-A, (-0.9%) Royal Dutch Shell Geelong Australia refinery
is now for sale, according to reports.
(-) NBL, (-1.4%) Increases gross resource estimate of its Tamar
offshore natural gas field near Israel by 1 trillion cubic feet to
10 trillion cubic feet. Also says initial sales began March 31,
with all five of the subsea wells producing a combined 300 mln
cubic feet per day. NBL has a 36% interest in the Tamar field.
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