Sector Update: Energy

By Staff,

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Energy issues are higher before the bell as oil prices gain ahead of the conclusion of the FOMC meeting later in the day. Cimarex Energy Co ( XEC ) reported third quarter results that fell short of expectations due to lower natural gas liquids price realization, and the energy explorer narrowed its production outlook for the full year. Approach Resources Inc ( AREX ), meanwhile, posted third quarter results that beat analysts' projections. The company also acquired an additional 10% interest in its Cinco Terry field in the Permian Basin for $21.5 million. Seahawk Drilling Inc ( HAWK ) is up nearly 9% pre-market on Nasdaq as the drilling service provider to oil explorers considers its financial options including a sale, merger, or recapitalization, with Simmons & Co. acting as the company's financial adviser. Brent crude is up 1.2% at $86.44 a barrel on NYMEX.

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: AREX , HAWK , XEC

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