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Energy Sector Update for 09/21/2018: RIG,EQNR,NE,BTU


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Energy stocks were rising Friday, with the NYSE Energy Sector Index climbing 0.5% while shares of energy companies in the S&P 500 were up almost 0.5% as a group. West Texas Intermediate crude oil for November delivery was ahead $0.71 cents to $71.03 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude November contract was advancing $0.15 to $78.85 per barrel. October natural gas futures were unchanged at $2.98 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing 1.1% while United States Natural Gas was posting a 0.8% advance. The Philadelphia Oil Service Sector index was up 1.2%.

Among energy stocks moving on news:

(+) Transocean Ltd ( RIG ) rose 7% on Friday after the firm said the Transocean Norge - its 33%-owned, harsh environment semi-submersible drill rig - has received a six-well contract with state-run energy major Equinor ASA ( EQNR ) on the Norwegian continental shelf. The contract is expected to begin in July.

In other sector news

(+)- Noble Corp ( NE ) hit its best share price since early 2017, rising 6.4% to $6.925 a share, after the oilfield-services company said it has acquired a new Gusto MSC CJ46 design jackup rig from the PaxOcean Group for $93.75 million and also announced the award of a new, three-year contract and one-year option in the Middle East from an unidentified client. Noble paid $33.75 million, or roughly one-third, of the purchase price of the new rig in cash, with the remaining $60 million funded with a seller-financed loan at a 4.25% yearly interest rate and an additional 1.25% to be paid over the term of the financing.

(+) Peabody Energy ( BTU ) climbed almost 2% at one point on Friday after the firm said it was acquiring the Shoal Creek coal mine in central Alabama from privately held Drummond Co. for $400 million. The transaction should close by Dec. 31, subject to regulatory approvals and certain other conditions, including Drummond negotiating a new collective bargaining agreement with its union employees. Shoal Creek is estimated to hold 17 million tons of reserves and sold 2.1 million tons of metallurgical coal in 2017.

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: RIG , EQNR , NE , BTU



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