Sector Update: Energy

By Staff,

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Energy issues are mixed before the bell as oil prices nudge up. BP ( BP ) is up before the bell on the NYSE as CEO Tony Hayward met with Abu Dhabi's Crown Prince Mohammed bin Zayed Al Nahyan to discuss the possibility of the sheikhdom buying up to 10% of shares in the company. The U.S. Environmental Protection Agency's regulatory changes announced Tuesday to reduce smog and acid rain may lead some energy companies to shut down some of their power plants. Coal-fueled electricity producers American Electric Power ( AEP ) and Southern ( SO ) are expected to be hard hit by the reform measures to take effect in 2012.

Hercules Offshore( HERO ) said Chevron Corp ( CVX ) lifted a force majeure on a shallow water drilling rig in the Gulf of Mexico after Chevron received a permit to drill a new well. Exxon Mobil ( XOM ) began evacuating non-essential personnel from offshore Gulf of Mexico facilities ahead of a tropical disturbance. Brent crude is up 0.6% at $71.89 a barrel on NYMEX.

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
Referenced Stocks: AEP , BP , CVX , HERO , SO , XOM

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