Sector Update: Energy

By Staff,

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Energy issues are mostly up pre-market, while oil prices gain as the dollar falls. Chevron Corp ( CVX ) will by Atlas Energy Inc ( ATLS ) for $4.3 billion which will boost Chevron's stake in the Marcellus shale fields. Chevron will pay $43.34 a share for Atlas, which marks a 37% premium over the company's closing price Monday. Speculation is growing that Woodside Petroleum Ltd (WPL) will be the target of a takeover after Royal Dutch Shell plc (RDSA) reduced its stake in the Australian energy producer. Monday, Shell sold a 10% stake in Woodside for $3.3 billion, and rumors abound that it will sell off its remaining 24.27% stake in the company. Brent crude is up 0.4% at $88.84 a barrel on NYMEX.

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 Stocks: ATLS , CVX

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