Sector Update: Energy

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Energy stocks are broadly higher today with the NYSE Energy Sector Index rising 0.9% while shares of energy companies in the S&P 500 are ahead nearly 1.0% as a group. Crude oil for October delivery is down 80 cents at $109.73 per barrel. October natural gas is up 4 cents to $3.57 per 1 million BTU.

In company news, Miller Energy ( MILL ) is now slightly lower, swinging between small gains and losses today after the oil and gas company reported Q1 sales of $13 million, topping the Thomson Reuters mean by around $1.08 million. Net loss for the quarter was $0.22 per share, wider than forecasts expecting a $0.17 per share loss.

MILL said it expects to be producing at least 4,000 barrels of oil equivalent per day by the end of calendar 2013, up 42% over the same period last year.

In other sector news,

(+) BPZ, (+4.2%) Said Richard Spies will step down as chief operating officer to rejoin BP ( BP ), effective Nov. 1. Spies will retain his BPZ board seat.

(-) SN, (-0.6%, but $8 above day lows) Announces plans to sell up to 8 mln shares of its common stock as well as a $150-mln private offering of senior notes with proceeds used to acquire additional properties in the Eagle Ford shale formation of southern Texas.



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: BP , MILL

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