Sector Update: Energy

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Energy shares are higher heading into the close with February crude oil set to settle down about 20 cents at $102.75 a barrel after reaching $103.74 earlier in the day on reports EU officials have reached a preliminary deal to bar imports of Iranian oil. No starting date for the embargo has been set.

Headwaters ( HW ) was down fractionally at $2.25 a share after selling its 51% stake in Blue Flint Ethanol LLC to Great River Energy for approximately $18.5 million in cash. Net proceeds will be reinvested in assets of HW business and to strengthen its balance sheet.

Cabot Oil & Gas Co. ( COG ) was up about 6.5% after announcing a 2-for-1 stock split for shareholders of record as of Jan. 17. The company also boosted its annual dividend to 16 cents a share from 12 cents.

Enterprise Products Partners ( EPD ) and Genesis Energy ( GEL ) announced plans today to build a 149-mile pipeline from the Lucius development area in southern Keathley Canyon of the Gulf of Mexico. Six oil producers -- Exxon Mobil ( XOM ), ENI S.p.A. (E), Anadarko Petroleum (APC), Plains Exploration (PXP), Apache (APA) and Petrobras (PBR) -- have signed transportation agreements for the new pipeline.



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: COG , EPD , GEL , HW , XOM

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