Energy stocks are narrowly higher with the NYSE Energy Sector
Index rising about 0.1% and the S&P Energy Index up about 0.3%.
Crude oil for February delivery is up 6 cents at $86.90 a barrel.
November natural gas is down 5 cents at $3.40 per 1 million
In company news, Carrizo Oil & Gas (
) is up about 3% but off day highs today after announcing Q3
production levels and a new joint venture in the Niobrara play in
Colorado with Haimo Oil & Gas.
Q3 oil and condensate production rose 14% from the prior quarter
to 8,600 barrels per day, exceeding the high end of the company's
guidance for 8,200 barrels per day. Production of natural gas and
natural gas liquids also beat projections by about 5.5% with
101,500 million cubic feet per day.
CRZO today also announced the start of a $27.5-million joint
venture with Haimo Oil & Gas, a subsidiary of Lanzhou Haimo
Technologies. under the agreement, Haimo will acquire an undivided
interest in about 6,000 net acres in Weld and Adams counties of
Colorado, along with the associated infrastructure and production
of about 185 barrel of oil equivalent per day for $27.5 million in
cash, subject to closing adjustment.
In other sector news,
(+) FXEN, (+1.6%) Q3 production grows 8.3% from year-ago levels
to 1.2 billion cubic feet of natural gas equivalent. Daily
production during the quarter was 13.2 million cubic feet, up 10%
from last year.
(+) ZN, (+0.4%) Names John Brown as as interim CEO, replacing
Richard J. Rinberg who resigned from the company by mutual and
(-) NOV, (-4.5%) Reports Q3 earnings of $1.52 a share, ex items,
$0.01 better than the Capital IQ consensus estimate. Revenues rose
42.2% to $5.32 billion, matching expectations.