Energy stocks are slightly higher, with the NYSE Energy Sector
Index rising almost 0.1% while shares of energy companies in the
S&P 500 are ahead 0.2% as a group. Crude oil for November
delivery is down 73 cents at $101.68 per barrel while November
natural gas is down 3 cents to $3.79 per 1 million BTU.
In company news, Kosmos Energy Ltd. (
) is down 0.4% at $10.70 a share, giving back an earlier advance
that followed the company's disclosing BP plc (
) will purchase ownership stakes in KOS' exploration blocks in the
Agadir Basin offshore of Morocco.
According to a new regulatory filing this morning, KOS late last
week secured a 75% working interest over the next 25 years in three
exploration fields, with the Moroccan government keeping a 25%
stake in the project. Then on Monday, KOS executed three farm-outs
with BP, which gains ownership stakes of between 26.4% to 45% in
the three exploration blocks in exchange for drilling at least one
exploration well in each of the fields.
BP also will repay $36 million in costs KOS already has spent on
the project. BP shares are up 0.2% at $42.52 apiece.
In other sector news,
(+) MPC, (+2.1%) Named a Focus Stock at Howard Weil.
(-) BAS, (-4.1%) Shares of the oilfield services company cut to
Sector Perform from Outperform at Iberia, which also set a $14 a
share price target. The company also said it had 425 rigs in the
field during September, unchanged from the prior month.
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