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 (
) 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 (
) 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
PBR American depository shares are down 3% today at $15.98
In other sector news,
(+) NTI, Western Refining (
) 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.
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