Energy stocks are higher, with the NYSE Energy Sector Index
rising 0.7% while shares of energy companies in the S&P 500 are
climbing 1.0% as a group. Crude oil for March delivery is up 92
cents at $97.35 per barrel while February natural gas is up 37
cents to $5.27 per 1 million BTU.
In company news, Anadarko Petroleum Corp (
) shares rose Tuesday, advancing about 2.8% in recent trade despite
the oil and gas company's late Monday reporting a net loss during
the three months ended Dec. 31, 2013 due to legal costs tied to its
2006 acquisition of Kerr-McGee.
APC posted a Q4 net of $770 million, or $1.53 per share,
reversing the company's $0.40 per share profit during the same
quarter last year. Excluding costs tied to a legal challenge of
Kerr-McGee's spinoff of its Tronox chemical unit that later filed
for bankruptcy protection as well as the impact of derivative
investments and other items, adjusted earnings fell to $0.74 - down
from $0.91 last year and lagging the analyst consensus by $0.17 per
Revenue decreased 2.1% year over year to $3.34 billion, also
missing Wall Street expectations by around $440 million.
Shares were up at $80.37 apiece in recent trade, rising about
$2.20, after earlier climbing as high as $81.46 in morning trade.
The stock has a 52-week range of $73.60 to $98.47 a share, rising
about 6.2% through Monday's close since hitting its Dec. 13 low
when a bankruptcy court ruled the energy company could be liable
for as much as $14.5 billion to Tronix creditors.
The company Monday again said it disagrees with the court
In other sector news,
(+) OIS, (+4.2%) Begins construction on new employee lodging at
its properties in Alberta's Athabasca oil sands region. The
facility will have initial capacity in Q4 of 1,561 rooms, with the
potential to expand to nearly 2,000 rooms.
(-) HP, (-1.8%) Cut to Underperform from Neutral at Credit
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