Sector Update: Energy

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Energy stocks are narrowly higher, with the NYSE Energy Sector Index rising 0.3% while shares of energy companies in the S&P 500 are up about 0.3% as a group. Crude oil for November delivery is down 81 cents at $98.41 per barrel, while November natural gas is down 6 cents at $3.61 per 1 million BTU.

In company news, BHP Billiton Limited ( BHP ) is up 2.7% at $72.26 a share, climbing as much as 3.6% earlier, following reports the Australian minerals company is set to sell roughly half of its oil and gas acreage in the Permian Basin of west Texas and New Mexico.

The company confirmed the upcoming sale, telling Reuters it plans to focus on properties that "holds the most immediate interest for us while divesting some other parts of our holdings."

According to an Oct. 16 request for proposals obtained by the news service from adviser Scotia Waterous, BHP expects to sell around 250,000 of its 500,000 net acres in the region - including about 165,000 net acres in the Delaware Basin and the remainder in the Midland Basin.

In other sector news,

(+) QEP, (+5.8%) Hedge fund Jana Partners is now the oil producer's largest shareholder, taking a 7.5% stake, according to a new stock ownership filing.

(+) NFX, (+2.5%) Sells all of its equity interests in Newfield Malaysia Holdings to SapuraKencana Petroleum Berhad for $898 mln in cash. Deal is expected to close in early 2014.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: BHP

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