Sector Update: Energy

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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 ( PXP ) 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 Aug. 2.

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 dayrate.

(-) CHK, (-0.8%) Completes $2-billion sale of its stake in Chesapeake Midstream Partners LP ( CHKM ) 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 appealed.

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

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This article appears in: Investing , Commodities

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