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Energy Stocks Trimming Losses Near Close; Chevron, Petrobras Confirm First Production Offshore Brazil

Posted
11/12/2013 3:39:00 PM
By: MT Newswires
Referenced Stocks:CVX;PBR;WNR

Top Energy Stocks

XOM -0.31%

CVX -0.97%

COP -1.06%

SLB -2.19%

OXY -1.47%

Energy stocks are paring some of their earlier losses although the NYSE Energy Sector Index still is down nearly 0.8% in late trade while shares of energy companies in the S&P 500 are down 1.0% as a group. Crude oil for December delivery settled $2.10 lower at $93.04 per barrel while December natural gas ended 4 cents higher at $3.62 per 1 million BTU.

In company news, Chevron ( CVX ) is down slightly more than 1% at $119.79 a share in late trade after earlier confirming its first oil production from the Papa-Terra fields offshore Brazil.

Chevron holds a 37.5% interest in the project with project operator Petrobras ( PBR ) holding the remaining 62.5% majority stake. The heavy oil development is located in Block BC-20 of the southern Campos basin about 70 miles southeast of Rio de Janeiro in about 3,900 feet of water.

PBR American depository shares are down 3% today at $15.98 each.

In other sector news,

(+) NTI, Western Refining ( WNR ) agrees to buy a 38.7% limited partnership stake in the oil and gas company for $775 million from Acon Investments and TPG. WNR also ended sharply higher.

(-) GTE, EPS of $0.12 trails Thomson Reuters consensus by $0.07 per share. Revenue rises 12.3% year over year to $189.7 million, also missing estimates by around $28.74 mln. Revises FY13 daily production forecast 2% higher.