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


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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 Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: HAWK , HERO , UNG , USO

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