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

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Top Energy Stocks

XOM -1.26%

CVX -1.57%

COP -0.91%

SLB -0.51%

OXY -0.24%

Energy stocks continued to extend their losses this afternoon, with the NYSE Energy Sector Index dropping about 1.4% while shares of energy companies in the S&P 500 were down about 0.8% as a group.

In company news, Petrobras ( PBR ) American depository shares were higher in late Thursday trade after the Brazilian state-owned energy company today said its Petrobras Global Finance subsidiary plans to soon offer more of its 8.375% global notes due 2021 as well as more of its 8.750% global notes due 2026.

The new five-year notes will be consolidated with the company's $5 billion notes offering May 23 to form a single, fully fungible series, while the new 10-year notes similarly will be combined with the company's $1.75 billion issue of notes maturing in May 2026 to form another series of notes. The company has yet to determine how much it plans to raise, although whatever net proceeds it receives is slated for general corporate uses.

PBR shares were up slightly more than 1% at $7.10 apiece this afternoon, earlier climbing to a session high of $7.58 s share.

In other sector news,

(+) USEG, 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, 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: PBR , USEG , OXY

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