Energy stocks are moderately lower with the S&P Energy Index
slipping 0.4%. Crude oil for August delivery is up slightly more
than 1%, adding 89 cents to $85.34.
In company news, Plains Exploration & Production Company (
) shares are up nearly 4% today with the firm reporting an 18% in
daily oil sales volume during Q2 compared to the prior quarter.
Q2 production was roughly flat year-over-year, averaging about
98,000 barrels a day during the three months ended June 30 compared
with 97,700 barrels a day in the year-ago period. Oil and liquid
hydrocarbon prices rose 5.6% from 2011 to $95.50 helping offset a
48% decline in natural gas to $2.18 per 1,000 cubic feet.
Analysts, on average, are expecting PXP to generate $578.6
million in Q2 sales, up from $514.8 million last year. They see the
firm earning $0.65 cents a share versus a $0.54 a share profit
during the same three months in 2011. PXP will report earnings on
In other sector news,
(+) MIL, (3.2%) Offers $1.25 a share - or $33 million overall -
for Compton Petroleum. The combined firms also raised $8.2 million
in a private placement.
(+) GEL, (+1.9%) Approves a 10.8% increase for its Q2
distribution to $0.46 per unit, payable Aug. 14 to unitholders of
record on Aug. 1.
(-) BHI, (-0.2%) Says 1,285 rigs in field during June, up 60
from the prior month and 127 more than the year-ago period.
(-) ATW, (+0.1%) Wins minimum 200-day contract from Glencore
Exploration for drilling services in Camaroon with a $155,000
(-) CHK, (-0.8%) Completes $2-billion sale of its stake in
Chesapeake Midstream Partners LP (
) to funds managed by Global Infrastructure Management LLC.
(-) XOM, (-1.7%) Beginning production from Kizomba Satellites
project off Angola coast. Expecting about 100,000 barrels of oil a
day during Phase I.
(-) GEVO, (-5.4%, hit new year lows) Injunction bars firm from
supplying automotive blendstock market with biobased isobutanol
while a court ruling in a patent dispute siding with GEVO is