Energy Sector Update for 07/09/2019: SJT,MR,EPD,TOT

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Energy stocks were finishing narrowly mixed this afternoon, with the NYSE Energy Sector Index falling less than 0.1% while shares of energy companies in the S&P 500 were up almost 0.1% as a group. West Texas Intermediate crude oil for August delivery settled 17 cents higher at $57.83 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract advanced 11 cents to $64.22 per barrel. August natural gas futures rose 2 cents to $2.43 per 1 million BTU.

Among energy stocks moving on news:

(-) San Juan Basin Royalty Trust ( SJT ) was fractionally lower in late Tuesday trade after saying its oil and natural gas production trailed expectations because of unusually severe winter weather in the San Juan Basin in New Mexico and adjacent states between January to April. But the company also said the performance of the 10 wells in the company's recompletion program during the first half of the year was exceeding initial forecasts, adding the operator of its properties plans to drill two more wells before the end of 2019.

In other sector news:

(+) Montage Resources Corp ( MR ) was 5% higher on Tuesday, recovering from a brief decline soon after the opening bell. The oil and natural gas producer said it will be drilling only one more new well this year, halving its prior plan, although it was still expecting a 20% increase in FY19 production over prior-year levels to around 520 million to 540 million cubic feet of natural gas equivalent per day.

(+) Enterprise Products Partners LP ( EPD ) was fractionally higher, bouncing back from a narrow decline, after declaring a Q2 distribution of $0.44 per common unit, up about 0.5% compared with its Q1 payout of $0.438 per unit and 2.3% above the pipeline company's distribution during the year-ago period. The upcoming distribution is payable August 13 to investors of record on July 31.

(-) Total SA ( TOT ) was narrowly lower after Danish authorities issued a $75,000 fine to the French energy company following a chemical discharge into the North Sea by the company's Maersk Oil subsidiary two years ago, Reuters said, citing a local broadcaster.

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: SJT , MR , EPD , TOT

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