Sector Update: Energy


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Energy stocks are slightly higher today with the S&P Energy Index climbing about 0.2%. Crude oil for January delivery is up 49 cents to $87.24 per barrel. December natural gas is fat at $3.83 per 1 million BTU.

In company news, Murphy Oil ( MUR ) shares are down about 0.3% at around $57.50 apiece after saying today that drilling at its Opale Marine-1 well in the Mer Profonde Nord Block offshore the Republic of the Congowas unsuccessful and has been plugged and abandoned.

Total net cost of the well was about $48 million, which will be expensed in Q4. MUR also will take a $29 million non-cash charge this quarter, writing off the Titane Marine-1 well that was drilled in October 2010 and had been suspended pending results of additional exploratory drilling on the block.

In other sector news,

(+) GLOG, (+5.1%) Adjusted Q3 earnings of $0.06 beat by $0.02. Revenues rise 6.3% to $16.9 million, also topping estimates by about $200 million.

(+) PXD, (+0.4%) Initiated by analysts at Citigroup with a Buy rating and a $120 price target.

(+) LNCO, (+0.2%) UBS initiates coverage with Buy rating and a price target of $41 a share.

(-) IVAN, (-2.8%) Sells its Pan-China Resources subsidiary to MIE Holdings for $45 million in cash.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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