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Energy Stocks Edging Higher; Hercules Offshore Turns Negative after SEC, DOJ Drop Probes

By: MT Newswires
Posted: 8/8/2012 12:34:00 PM
Referenced Stocks: HERO

Top Energy Stocks

XOM +0.4%, hit year highs

CVX +0.4%, hit year highs

COP +0.9%

SLB -0.2%

OXY +0.6%

Energy stocks are moderately higher, with the NYSE Energy Sector Index rising 0.25% and the S&P Energy Index gaining nearly 0.4%. Crude oil for September delivery is up 56 cents at $94.23 a barrel.

In company news, shares of Hercules Offshore ( HERO ) have lost earlier gains and are now down 1% after saying U.S. authorities have completed their investigation of overseas activities by the oilfield services company, concluding there were no violations of the Foreign Corrupt Practices Act.

The U.S. Securities and Exchange Commission probe began following allegations HERO executives may have bribed foreign officials in a bid to win international business. The U.S. Justice Department previously concluded their investigation in late April, deciding not to pursue any enforcement actions against the company.

In other sector news,

(+) GPOR, (+18.4%) Oil and natural gas sales volumes rise 17% year-over-year to 663,626 barrels of oil equivalent during Q2. Overall revenues were $66.3 million, 1.5% below forecast while adjusted EPS of $0.45 missed by $0.06.

(-) WPZ, (-4.2%) Pipeline company announces plans to offer 8.5 million units representing limited-partner interests, using the proceeds in part to repay debt.