Top Energy Stocks
Energy stocks extended their declines this afternoon, with the NYSE Energy Sector Index falling almost 1.0% while shares of energy companies in the S&P 500 also were down over 0.9% as a group. West Texas Intermediate crude oil for August delivery settled 63 cents lower at $59.58 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract declined 37 cents to $66.35 per barrel. August natural gas futures fell 5 cents to $2.41 per 1 million BTU.
Among energy stocks moving on news:
(-) Geopark ( GPRK ) declined Monday, slipping about 1%. The Latin American oil and natural gas company said its Q2 consolidated production rose 9% over year-ago levels, climbing to 39,201 barrels of oil equivalent per day from 35,870 barrels per day during the April-to-June period last year. Oil production grew 13% year over year to 34,261 barrels per day while daily gas production slid 12% to 29.6 million cubic feet per day following a temporary drop in demand in Brazil during the quarter.
In other sector news:
(+) Carrizo Oil & Gas ( CRZO ) was 2.4% higher this afternoon, well under its intraday peak of 11%, after agreeing to a $3.2 billion buyout offer from Callon Petroleum ( CPE ). Under terms of the proposed transaction, investors will receive 2.05 Callon shares for each Carrizo share they own, valuing the target company at $13.12 a share, based on Callon's closing share price on Friday.
(-) National Oilwell Varco ( NOV ) fell almost 2% on Monday after a Johnson Rice downgrade of the oilfield-services company to hold from buy.
(-) Cameco ( CCJ ) fell nearly 8% on Monday after an international arbitration tribunal awarded $40.3 million in damages to the uranium producer rather than the $700 million it was seeking from Tokyo Electric Power Company Holdings after the utility canceled its supply agreement with the company following the Fukashima earthquake and tsunami in March 2011. The supply agreement does not allow for an appeal of the tribunal's decision.