Sector Update: Energy

By Staff,

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Energy issues are lower pre-market as oil prices are weaker ahead of the latest U.S. jobless data. Royal Dutch Shell plc (RDSA) will sell off holdings in six Gulf of Mexico oil and gas fields for a total of $450 million. The holdings will be sold to W&T Offshore Inc ( WTI ), an energy producer focused on the Gulf of Mexico. Together, the fields contain about 27 million barrels of oil and produces 18,000 barrels a day. The parent company of PetroChina Co. ( PTR ), China National Petroleum Corp, said it will continue to process crude at record levels reached Nov. 3 for the rest of November to meet increased year-end demand. Anadarko Petroleum Corp ( APC ) and Woodside Petroleum Ltd (WPL) could be possible acquisition targets for Australia's BHP Billiton Ltd ( BHP ), according to UBS. Thursday, the Canadian government rejected BHP's $40 billion bid to buy out Potash Corp of Saskatchewan Inc ( POT ). Brent crude is 0.2% lower at $87.85 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.

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This article appears in: Investing Commodities
Referenced Stocks: APC , BHP , POT , PTR , WTI

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