Sector Update: Energy

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Energy shares are higher in mid-day trading but crude oil futures are slipping as concerns over political issues in Egypt ease. The March crude contract is below $86 a barrel. Light, sweet crude oil for March delivery traded down $0.06, or 0.07%, to $85.51 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.47% to $36.22. The United States Natural Gas ETF ( UNG ) is up 0.28% to $5.32. In sector news Seahawk Drilling ( HAWK ) is sharply lower after it said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to Hercules Offshore ( HERO ) for $105 million. Hercules Offshore plans to buy Seahawk's assets with 22.3 million shares of its stock, $25 million in cash to retire Seahawk debt and additional cash for working capital. The sale is seen closing in Q2.



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This article appears in: Investing , Commodities

Referenced Stocks: HAWK , HERO , UNG , USO

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