Sector Update: Energy

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Energy stocks are higher in late afternoon trading with the NYSE Energy Sector Index rising less than 0.1% while the S&P Energy Index is up about 0.4%. Crude oil for April delivery settled 39 cents at $91.95 per barrel. April natural gas was up 5 cents to $3.63 per 1 million BTU.

In company news, BPZ Resources Inc. ( BPZ ) is up about 11% at day highs after reporting a 21.3% year over year slide in Q4 revenue to $25.1 mln but still beating analyst projections by around $330,000. BPZ also reported a net loss of $0.11 per share, missing missing the analyst consensus by a penny as average production from the offshore Corvina and Albacora fields fell 9.9% compared to year-ago levels to 1,516 barrels of oil per day.

In other sector news,

(+21%, hit new year highs) WG, Johnson Rice raises rating for shares of the oilfield services company to Overweight from Equal Weight with a $10 price target.

(-0.4%) BP, Warns its court settlement with businesses and individuals affected by the 2010 Deepwater Horizon spill will be "significantly higher" than $7.7 bln, according to Financial Times, citing notes to the company's annual report filed earlier this week.



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This article appears in: Investing , Commodities

Referenced Stocks: BPZ

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