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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: MUR

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