Energy stocks are higher today with the NYSE Energy Sector Index
rising over 0.7% and the S&P Energy Index advancing 0.6%. Crude
oil for January deliver is up 95 cents at $88.33 per barrel.
December natural gas is flat at $3.90 per 1 million BTU.
In company news, BP plc (
) shares are around 1% higher today with the company reportedly
ready to announce a broad reorganization of its oil and gas
production operations, three sources familiar with the matter are
The latest changes are expected to undo some of the measures
imposed by CEO Bob Dudley in the immediate wake of the April 2010
Gulf of Mexico deepwater well explosion and oil spill. Lamar McKay,
now head of BP's U.S. operations will become head of a new
exploration and production unit, the sources said. Dudley scrapped
the E&P unit soon after his promotion two years ago to combat
criticism inside and outside the company it had become too
decentralized and encouraged managers to put profit above
"The pendulum had moved too far away from decentralization," one
In other sector news,
(+) BBEP, (+2.4%) Acquiring oil properties in Kern County,
Calif., for $40 million in cash and about $53.5 million in stock.
BBEP said the deal should be immediately accretive to per-unit
distributable cash flow.
(+) PQ, (+2.9%) Raised to Buy Hold at Stifel Nicolaus.
(+) ENB, (+1.4%) Enbridge Pipelines subsidiary reaches deal with
shippers on terms for a $1.8 billion expansion of its mainline
system between Edmonton and Hardisty, Alberta. The new pipeline is
expected to initially boost daily capacity by 570,000 barrels by
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