Sector Update: Energy

By Staff,

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Energy stocks are paring some of their earlier losses although the NYSE Energy Sector Index still is down nearly 0.8% in late trade while shares of energy companies in the S&P 500 are down 1.0% as a group. Crude oil for December delivery settled $2.10 lower at $93.04 per barrel while December natural gas ended 4 cents higher at $3.62 per 1 million BTU.

In company news, Chevron ( CVX ) is down slightly more than 1% at $119.79 a share in late trade after earlier confirming its first oil production from the Papa-Terra fields offshore Brazil.

Chevron holds a 37.5% interest in the project with project operator Petrobras ( PBR ) holding the remaining 62.5% majority stake. The heavy oil development is located in Block BC-20 of the southern Campos basin about 70 miles southeast of Rio de Janeiro in about 3,900 feet of water.

PBR American depository shares are down 3% today at $15.98 each.

In other sector news,

(+) NTI, Western Refining ( WNR ) agrees to buy a 38.7% limited partnership stake in the oil and gas company for $775 million from Acon Investments and TPG. WNR also ended sharply higher.

(-) GTE, EPS of $0.12 trails Thomson Reuters consensus by $0.07 per share. Revenue rises 12.3% year over year to $189.7 million, also missing estimates by around $28.74 mln. Revises FY13 daily production forecast 2% higher.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CVX , PBR , WNR

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