Sector Update: Energy Mixed, Shell Sells 6 Gulf of Mexico Fields for $450M


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Dow Jones U.S. Oil & Gas Index: 530.14 Thursday regular session close

NYMEX Benchmark Crude: +0.13 (+0.15%) to 88.13

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Energy issues are mixed pre-market as oil prices inched up as the U.S. jobless rate remained steady at 9.6%. Royal Dutch Shell plc (RDSA) will sell off holdings in six Gulf of Mexico oil and gas fields for a total of $450 million. The holdings will be sold to W&T Offshore Inc ( WTI ), an energy producer focused on the Gulf of Mexico. Together, the fields contain about 27 million barrels of oil and produces 18,000 barrels a day. The parent company of PetroChina Co. ( PTR ), China National Petroleum Corp, said it will continue to process crude at record levels reached Nov. 3 for the rest of November to meet increased year-end demand. Anadarko Petroleum Corp ( APC ) and Woodside Petroleum Ltd (WPL) could be possible acquisition targets for Australia's BHP Billiton Ltd ( BHP ), according to UBS. Thursday, the Canadian government rejected BHP's $40 billion bid to buy out Potash Corp of Saskatchewan Inc ( POT ).

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This article appears in: Investing , Commodities
More Headlines for: APC , BHP , POT , PTR , WTI

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