Sector Update: Energy

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Energy issues are broadly lower before the bell as oil prices are falling on worries about the Chinese economy. India's Oil and Natural Gas Corp ( ONGC ) is looking to join forces with Russia's OAO Rosneft ( ROSN ) to bid jointly for the Trebs and Titov fields in the Arctic north, according to Russian daily Vedomosti. Neither company has confirmed the report. Delta Petroleum Corp ( DPTR ) reported its second quarter loss shrinking on the back of higher rig utilization and favorable pricing. The independent oil and gas group also sees production increasing to 7.2 billion cubic feet equivalent from 6.9 bcfe in the latter half of the fiscal year after accounting for sale of non-core assets to Wapiti Oil & Gas LLC in July. As for Canada's TransAtlantic Petroleum Ltd ( TNP ), it reported its second quarter loss widening as total costs and expenses nearly tripled from a year ago. Brent crude is down 1.6% at $80.15 a barrel on NYMEX.



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This article appears in: Investing , Commodities

Referenced Stocks: DPTR , ONGC , ROSN , TNP

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