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Sector Update: Energy

Posted
2/19/2014 8:36:00 AM
By: MT Newswires
Referenced Stocks:USO;UNG;DVN

Energy shares were lower in pre-market trading Wednesday while crude-oil futures were trading higher.

Light, sweet crude oil for March delivery was up 0.69% at $103.14 per barrel. In other energy futures, heating oil was down 0.04% at $3.10 per gallon while natural gas was up 6.1% at $5.89 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was up 0.44% at $36.82. The United States Natural Gas ETF ( UNG ) was up 3.9% at $27.24.

In other energy news, Devon Energy ( DVN ) has entered into a definitive agreement to sell the majority of its Canadian conventional assets to Canadian Natural Resources Limited for $2.8 billion.

The sale excludes the company's Horn River, Lloydminster and thermal heavy oil assets located in Canada. At Dec. 31, 2013, proved reserves associated with the divestiture totaled approximately 170 million barrels equivalent. The transaction is subject to customary terms and conditions and is expected to close early in Q2 2014.

Devon reported Q4 EPS of $1.10, just ahead of the $1.07 per share the Street expected.