Sector Update: Energy

By Staff,

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Energy stocks are moderately lower with the NYSE Energy Sector Index sinking about 0.5% and the S&P Energy Index sliding about 0.4%. Crude oil for May delivery falling 88 cents to $92.38 per barrel. May natural gas is up 14 cents to $4.09 per 1 million BTU.

In company news, Statoil ASA ( STO ) is up 0.2% at $24.10 a share, reversing an earlier decline after Norway's government today approved a massive natural gas project in the Norwegian Sea as well as a $9.4-bln pipeline linking it to the shore. STO will operate the Aasta Hansteen gas field project, estimated to contain around 46.5 bln cubic meters of gas and 900,000 cubic meters of condensate. The 480-kilometer Polarled pipeline will transport gas from the Aasta Hansteen field and future developments in the Norwegian Sea to the gas processing plant onshore.

Other partners in the new gas field include ConocoPhillips ( COP ), which is down 1.1% today, and Total SA ( TOT ), sliding nearly 0.5%. But Edison International ( EIX ), another partner in the project, is up about 0.7% and closer to year highs.

In other sector news,

(+) GDP, (+1.1%) Prices $100-mln public offering of non-convertible, perpetual preferred stock through the issuance of 4 million depositary shares each representing a 1/1000th ownership interest in a share of the company's non-convertible 10.00% Series C Cumulative Preferred Stock.

(-) REN, (-2.3%) Increases FY13 production guidance to around 4.7 mln to 5.5 mln barrels of oil equivalent, or more than 50% over FY12 levels following its purchase of properties and operations in Midland and Ector counties, Texas, as well as three new horizontal wells in the Wolfcamp formation of the Permian Basin.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: COP , EIX , STO , TOT

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