Sector Update: Energy Up, BHP Billiton Eyes Investing $900M in Oil Exploration

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Dow Jones U.S. Oil & Gas Index: 498.71 Tuesday regular session close

NYMEX Benchmark Crude: +1.01 (+1.25%) to 82.11

Top Energy Stocks

XOM: +0.58%

CVX: +0.50%

SLB: +0.97%

OXY: +0.06%

COP: +0.82%

Energy issues are up pre-market, as oil prices climb higher as the dollar slipped against major currencies. Nighthawk Energy plc ( HAWK ) expects production at its Jolly Ranch project in Colorado to be lower than expected this year as it reviews its spending strategy at the site. The company reported losses narrowing to $1.28 million for the fiscal year ended June against a loss of $1.3 million a year ago, while revenue more than quadrupled to $2.1 million.

Singapore's state-operated Temasek Holdings Pte bought a 14.3% stake in the oil service unit of Brazil's Odebrecht SA. Meanwhile, Indonesia's PT Petramina bought a cargo of Algeria's Saharan Blend from BP plc ( BP ) for delivery in December as well as a cargo of Nigeria's Qua Iboe crude, according to Bloomberg. China's CNOOC Ltd ( CEO ) started building a new liquefied natural gas receiving terminal in the southern Chinese province of Guangdong. This will be the energy group's second LNG terminal in the region. Mining giant BHP Billiton Ltd ( BHP ), which is also Australia's largest oil and gas producer, will spend a record $900 million on petroleum exploration for the current fiscal year ending June 2011. The company is currently drilling offshore of Australia and in the Gulf of Mexico.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: BHP , BP , CEO , HAWK

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