Energy Sector Update for 05/16/2019: XOM, PARR, CVX, COP, SLB, OXY

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Top Energy Stocks:

XOM: +0.03%

CVX: -0.77%

COP: Flat

SLB: +0.61%

OXY: +0.07%

Energy giants were mixed in pre-market trading Thursday. West Texas Intermediate crude oil for June delivery was up $0.94 at $62.96 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude July contract gained $1.11 to $72.88 per barrel and June natural gas futures were 3 cents higher at $2.63 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.89%, while the United States Natural Gas fund was 0.71% higher.

In other sector news:

(+) Santos Ltd. said it will acquire a 14.3% interest in Petroleum Retention Licence 3, which contains the P'nyang natural gas field in Papua New Guinea. The Australian gas producer said that it will pay $187 million in total, with approximately $120 million payable after a fully-termed sale and purchase agreement is executed by the end of June. Exxon Mobil ( XOM ), which currently has as 48.99% stake in Petroleum Retention Licence 3, was recently trading higher.

(=) Par Pacific Holdings ( PARR ) was flat after it agreed to exchange $31.7 million of its 5.00% convertible senior notes due 2021 for common stock and cash.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: XOM , PARR , CVX , COP , SLB

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