Energy stocks were higher Tuesday, with the NYSE Energy Sector
Index rising about 0.6% while shares of energy companies in the
S&P 500 were up about 0.6 % as a group. Crude oil for March
delivery was up $1.38 at $101.68 per barrel while March natural gas
added another 24 cents to $5.45 per 1 million BTU.
In company news, Anadarko Petroleum (
) shares were higher Tuesday, rising about 1.6% after announcing a
deal to sell its non-operating interest in the Bohai Bay field in
China to Brightoil Petroleum Ltd for $1.075 billion.
APC averaged around 11,000 barrels in daily net oil sales from
Bohai Bay during 2013. The transaction is expected to close later
this year, subject to preferential rights, regulatory approvals and
other closing conditions.
The stock was up 1.6% at $82.80 in recent trading, maintaining a
perch just 12 cents off its intra-day high. Shares have a 52-week
range of $73.60 to $98.47 each.
In other sector news,
(+) EPL, (+7.8%) Favorable Barron's article this weekend says
oil and gas company "Ready to Rally."
(-) DRC, (-8.0%) Suspending operations at its six pig-manure
treatment facilities in Spain due to proposed regulations that
would significantly reduce beneficial tariffs. Forecasts FY14
revenue in range of $3.0 bln to $3.2 bln, trailing estimates for
$3.49 bln in annual revenue. Also gets downgrade at Nataxis.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.