Sector Update: Energy Stocks Gaining; StatOil Finds Second Big Arctic Reserve
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Shares of energy firms are mostly higher with NYSE Energy Sector Index up about 0.35% in early afternoon trade. Crude oil futures are down about 1%, with the February contract off US$1.07 to US$100.49 a barrel. Heating oil and natural gas futures also are lower, with natural gas for February delivery falling more than 2% to fetch an even $3.00 per million British Thermal Units. February heating oil is down a penny at $3.06 a gallon.
In company news, Statoil ASA ( STO ) is off fractionally with the Norwegian state-controlled company discovering its second major new oil reserve in the Arctic in less than one year. Volume of the well is estimated to reach 300 million barrels of recoverable oil equivalents.
Sunoco ( SUN ) is lower today with the company announcing a special stock dividend of 0.53046456 of a share in its SunCoke Energy Inc. ( SXC ) unit for each share of Sunoco stock held at the close of business on Jan. 5. The distribution is scheduled for Jan. 17. The company plans to issue cash in lieu of fractional SunCoke shares.