Energy Sector Update for 07/07/2016: CIE,USEG,OXY

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Top Energy Stocks

XOM -0.94%

CVX -1.29%

COP -0.53%

SLB +0.09%

OXY +0.11%

Energy stocks were mostly lower Thursday, with the NYSE Energy Sector Index dropping about 0.4% and shares of energy companies in the S&P 500 also down about 0.4% as a group. Crude oil for August delivery was down $1.62 to $45.81 per barrel while August natural gas futures were 5 cents lower at $2.73 per 1 million BTU.

In company news, Cobalt International Energy ( CIE ) was higher Thursday after the oil and natural gas producer today said David Powell will replace Shannon Young III as CFO, effective Friday, July 8.

Powell previously had been CFO at BHP Billiton (BHP, BBL) for over seven years through this past May.

CIE shares were up more than 15% at $1.38 each this afternoon, earlier topping out at $1.45 a share.

In other sector news,

(+) USEG, (+41.7%) Acquires 40% interest in IronHorse Resource's farmout agreement to develop three core areas in the Wattenberg Field of the DJ Basin in Weld County, Colo. The company will pay $9.6 mln in drilling costs and is expected to receive $4.9 mln in revenue during both of the first two years.

(+) OXY, (+0.2%) Reduced to outperform from strong buy at Raymond James.

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: USEG , OXY

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