Sector Update: Energy Shares Decline Pre-Market as Natural Gas Rises 6%

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Top Energy Stocks

XOM: -0.03%

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SLB: -0.04%

OXY: -0.19%

Energy shares were lower in pre-market trading Wednesday, while crude-oil futures were trading higher.

Light, sweet crude oil for March delivery was up 0.69% at $103.14 per barrel. In other energy futures, heating oil was down 0.04% at $3.10 per gallon while natural gas was up 6.1% at $5.89 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was up 0.44% at $36.82. The United States Natural Gas ETF ( UNG ) was up 3.9% at $27.24.

In other energy news, Devon Energy ( DVN ) has entered into a definitive agreement to sell the majority of its Canadian conventional assets to Canadian Natural Resources Limited for $2.8 billion.

The sale excludes the company's Horn River, Lloydminster and thermal heavy oil assets located in Canada. At December 31, 2013, proved reserves associated with the divestiture totaled approximately 170 million barrels equivalent. The transaction is subject to customary terms and conditions and is expected to close early in Q2 2014.

Devon also reported Q4 EPS of $1.10, just ahead of the $1.07 per share the Street expected. DVN shares were up 2.1% in recent pre-market trading at $64.20.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
Referenced Symbols: USO , UNG , DVN

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