Sector Update: Energy

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Energy stocks were little changed near the closing bell this afternoon with the NYSE Energy Sector Index rising about 0.1% while shares of energy companies in the S&P 500 were down 0.1% as a group. Crude oil for September delivery was up 23 cents at $102.18 per barrel while August natural gas was down 12 cents to $3.83 per 1 million BTU.

In company news, FMC Tech ( FTI ) is slightly higher at $60.99 a share after announcing agreements with Anadarko ( APC ), BP ( BP ), ConocoPhillips ( COP ) and Shell (RDS.A) to develop the next generation of subsea production equipment.

Under terms of the agreement, the companies will jointly work on a new generation of standardized subsea production equipment and systems designed to meet the challenges of producing oil and gas from deepwater reservoirs with pressures of up to 20,000 psi and temperatures of 350 F at the mudline.

In other sector news,

(+) FANG, Acquires additional acreage in the Midland Basin of Texas for $538 mln, selling 5 mln shares and borrowing from its revolving loan facility to fund the deal. Boosts daily production guidance by 1,000 barrels to 17,000 to 19,000 barrels per day.

(-) HNR, Gabon government issues Declaration of Commerciality for the Deussafu exploration block and also awards Exclusive Exploitation Authorization to HNR for the Ruche, Tortue, Moubenga and Walt Whitman offshore prospects.



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: FTI , APC , BP , COP

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