Energy stocks are marginally lower with NYSE Energy Sector Index
slipping 0.2% while the S&P Energy Index is down about 0.1%.
Crude oil for September delivery is up 11 cents at $95.71 a
In company news, shares of ION Geophysical Corp. (
) are down over 10% and hit a day low $6.55 after a federal jury
late yesterday decided against the oilfield services company,
ordering it to pay $105.9 million after infringing patents owned by
a Schlumberger Ltd. (
The jury panel in Houston said IO should compensate WesternGeco
$93.4 million for lost profits as well as paying $12.5 million in
royalties. Jurors also said IO intentionally infringed on the SLB
patents, allowing the company to ask that the damage award be
The case targeted IO's DigiFin lateral-streamer control system,
which like the SLB unit's equipment, provides underwater seismic
data. IO plans "immediate steps to pursue all available legal
options to overturn the verdict," according to company
(-) APC, (-0.9%) Signs farm-in pact with state-owned PetroSA for
exploration blocks off the South African coast. APC will operate
the field, owning an 80% stake.
(-) PDCE, (-0.9%) Canaccord Genuity lowers price target for the
stock to $36 from $39. Reiterates Buy recommendation.
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