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Energy Stocks Edging Higher Today; Carrizo Oil Gaining After Posting 14% Rise In Q3 Production

Posted
10/25/2012 1:12:00 PM
By: MT Newswires
Referenced Stocks:CRZO

Top Energy Stocks

XOM +0.13%

CVX +0.6%

COP +2.3%

SLB +0.6%

OXY +1.36%

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 BTU.

In company news, Carrizo Oil & Gas ( CRZO ) is up about 3% 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, (+2.2%) 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, (+1.5%) Names John Brown as as interim CEO, replacing Richard J. Rinberg who resigned from the company by mutual and amicable agreement.

(-) NOV, (-4.1%) 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.