Energy stocks are lower for a third day, with the NYSE Energy
Sector Index falling 0.8% while shares of energy companies in the
S&P 500 are down 0.6% as a group. Crude oil for August delivery
is down $1.90 to $93.22 per barrel while July natural gas is down 6
cents to $3.88 per 1 mln BTU.
In company news, Exxon Mobil Corp (
) is up about 0.1% to $89.16 a share, with the energy giant and its
Russian counterpart, Rosneft, agreeing to move to the next planning
phase for an liquified natural gas development in the Russian Far
XOM said agreements are now in place, establishing the
foundation for a new joint venture for a tight oil pilot project in
West Siberia, where data collection operations are underway.
Rosneft will hold 51% interest with XOM owning the rest.
Also in place is a pact identifying further steps for the
development of an LNG plant in the Russian Far East. Following the
agreement, the parties will undertake work to determine an LNG
plant site, gas liquefaction technologies and commercial structure
of the project by the end of 2013.
In other sector news,
(-) EPD, (-1.6%) Expands its bank credit facilities by $1 bln to
a total of $4.5 bln, consisting of an amended $3.5-bln multi-year
revolving facility maturing in June 2018 and a new $1 bln, 364-day
revolving credit agreement.
(-) DK, (-3.1%) Declares special cash dividend of $0.10 per
share payable July 30 for shareholders of record on July 9.
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