Sector Update: Energy Shares Higher in Late Trading; Crude Oil Gains Top 2% By the Close

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NYMEX Benchmark Crude October: (+2.2%) to $87.27

Top Energy Stocks

XOM: +1.8%

CVX: +1.5%

COP: +3.2%

SLB: +2.8%

OXY: +3.2%

Energy shares are higher in late-session trading as crude oil futures advanced to finish up over 2% to top $87 a barrel.

Light, sweet crude oil for October delivery finished up 2.2% to $87.27 a barrel. In other energy futures, heating oil was up 0.01% to $3.01 a gallon while natural gas was down 2.24% to $3.84 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 2.17% to $33.87. The United States Natural Gas ETF ( UNG ) is adding 2.23% to $9.66.

In late-session energy news, Venoco ( VQ ) is up 30.40% to $11.71 after it says its board of directors has received a non-binding proposal from Timothy M. Marquez, Chairman and CEO of the company and the holder of approximately 50.3% of Venoco's outstanding common stock, to acquire all of the outstanding shares of Venoco common stock for $12.50 per share in cash.

Meanwhile, Cimarex Energy ( XEC ) shares are higher after the company said its board of directors has appointed a new chief executive officer and a new chief operating officer as part of the company's succession plan.

Thomas E. Jorden has been named President and CEO, while Joseph R. Albi was named COO. Both have also been appointed to the company's Board of Directors.

Jorden will replace F.H. Merelli, who is currently Chairman, President and CEO. Merelli will stay on as Chairman of the Board after Jorden's and Albi's appointments take effect on Sept. 30.

Shares are up 4.68% to $67.14.



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.

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


This article appears in: Investing , Commodities

Referenced Stocks: UNG , USO , VQ , XEC

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