Sector Update: Energy


Energy stocks are mixed, with the NYSE Energy Sector Index up less than 0.1% while shares of energy companies in the S&P 500 are down 0.3% as a group. Crude oil for January delivery is up 50 cents at $97.72 per barrel while January natural gas is flat at $4.29 per 1 million BTU.

In company news, WPX Energy ( WPX ) is down nearly 4% at $19.11 a share after saying it reached an agreement with Taconic Capital Advisors LP to add an additional seat to its board of directors by Jan. 10, 2014, and filling that spot with a director of Taconic's choosing.

The hedge fund owns about 6.9% of WPX stock and is the company's second-largest institutional shareholder.

WPX shares are up about 6.8% year to date despite the company's - which was spun off from Williams Cos ( WMB ) in 2011 - reporting net losses in each of its past seven quarters. The moderate gains in share prices, however, were not enough to save Ralph Hill's jobs as chief executive at the company, which announced Hill's departure after 32 years at WPX on Tuesday morning.

The company said the new board member also will sit on the search committee for a new CEO.

In other sector news,

(+) SYNM, (+35.4%) Accepts a stock swap worth up to $49 million from Renewable Energy Group Inc. ( REGI ) for substantially all of its assets, including a 75-million gallon bio-diesel facility in Geismar, La., in exchange for 3.796 mln REGI shares.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: REGI , WMB , WPX

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