Top Energy Stocks
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.