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Energy Sector Update for 10/08/2018: BHGE, XOM, CVX, COP, SLB, OXY, WTI, LPG


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Top Energy Stocks:

XOM: -0.8%

CVX: Flat

COP: Flat

SLB: -0.1%

OXY: Flat

Energy stocks were narrowly mixed early Monday. West Texas Intermediate crude oil for November delivery was down $1.08 to $73.26 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract was $1.21 lower to $82.95 per barrel. November natural gas futures were $0.09 higher at $2.86 per 1 million BTU. Among energy-related ETFs, United States Oil was dropping more than 1% while United States Natural Gas was up 3%.

Moving stocks on news include:

(+) Baker Hughes ( BHGE ), which was trading 0.31% higher after announcing a strategic partnership with the Abu Dhabi National Oil Company and taking a 5% equity stake in its ADNOC Drilling subsidiary in exchange for $550 million. The deal values ADNOC Drilling at about $11 billion, including around $1 billion in net debt.

In other sector news

(=) W&T Offshore ( WTI ) was flat after it priced a $625 million private placement of 9.75% senior second-lien notes due 2023 at par. Net proceeds will be used to pay down a portion of the company's debt securities, including its 11.00% 1.5-lien and 9.00% second-lien term loans.

(=) Dorian LPG Ltd. ( LPG ) was unchanged after BW LPG said it was withdrawing its merger offer with its rival liquefied petroleum gas shipper, citing its "refusal to give a meaningful response" since making the proposal four months ago. Under terms of the proposed transaction, Dorian investors would have owned 46% of the combined companies despite only contributing 30% of the revenue-generating units and 25% of the revenue to the merged firms.

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: BHGE , WTI , LPG , XOM , CVX



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