Referenced Stocks

Sector Update: Energy Shares Higher Even as Crude Futures Waver, Trade Below $86 a Barrel

By Midnight Trader,  February 14, 2011, 01:41:47 PM EDT

NYMEX Benchmark Crude March: -$0.06 (-0.07%) to $85.51

Top Energy Stocks

XOM: +2.1%

CVX: +1.2%

COP: +2.9%

SLB: +1.6%

OXY: +1.0%

Energy shares are higher in mid-day trading but crude oil futures are slipping as concerns over political issues in Egypt ease. The March crude contract is down below $86 a barrel.

Light, sweet crude oil for March delivery is trading down $0.06, or 0.07%, to $85.51 a barrel. In other energy futures, heating oil was up 2.36% to $2.75 a gallon while natural gas is up 0.05% to $3.91 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.47% to $36.22. The United States Natural Gas ETF ( UNG ) is up 0.28% to $5.32.

In sector news Seahawk Drilling ( HAWK ) is sharply lower after it said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to Hercules Offshore ( HERO ) for $105 million.

Hercules Offshore plans to buy Seahawk's assets with 22.3 million shares of its stock, $25 million in cash to retire Seahawk debt and additional cash for working capital. The sale is seen closing in Q2.

Seahawk shares are down 42.28% to $4.56. Hercules shares are up 18.9% to $4.31.




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


This article appears in: Investing, Commodities

Referenced Stocks: HAWK, HERO, UNG, USO



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