Sector Update: Energy

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Energy stocks are mostly lower today as European debt worries undercut demand expectations. The NYSE Energy Sector Index is down about 1.6% in mid-day trading while the S&P Energy Index is down nearly 1.9%. Crude oil for September delivery is up 52 cents at $88.66 a barrel. August natural gas is up 2 cents at $3.14 per 1 million BTU.

In company news, shares of Crestwood Midstream Partners LP ( CMLP ) are down nearly 7% at $26.95 apiece after last night moving to acquire gathering and processing assets in the Barnett Shale play from Devon Energy Corp. ( DVN ) for $90 million. The deal is expected to close during Q3.

The companies also struck a 20-year, fixed-fee gathering, processing and compression agreement with CMLP taking over processing of DVN's natural-gas production in north-central Texas. DVN currently is producing about 95 million cubic feet of natural gas per day on its 20,500 acres in the Barnett Shale.

In other sector news,

(-) NBL, (-2.2%) Selling 250 wells producing about 1,500 barrels of oil equivalent per day in the Permian Basin of western Texas to Sheridan Holding Company II LLC of Houston for $320 million.

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: DVN

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