Energy Sector Update for 12/13/2016: SNP,PHX,PTEN,SVNT

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Top Energy Stocks

XOM +1.96%

CVX +0.50%

COP +2.41%

SLB +1.38%

OXY +1.61%

Energy stocks were ending broadly higher today, with the NYSE Energy Sector Index climbing 1.6% while shares of energy companies in the S&P 500 were up 1.3% as a group. Crude oil for January delivery settled 15 cents higher at $52.98 per barrel while January natural gas futures fell 3 cents to $3.47 per 1 million BTU.

In company news, Sinopec ( SNP ) American depository shares were holding near their session high late Tuesday following reports the Chinese refiner is weighing a potential takeover of Kurdish oil producer Gulf Keystone Petroleum Ltd.

Citing people familiar with the matter, Bloomberg said Sinopec has been working with advisors and has already made an initial approach to Gulf Keystone, which may also attract other bidders, the sources said.l

SNP ADS were up more than 4% at $74.63 apiece, easing only slightly from a session high of $74.87 per ADS.

In other sector news,

(+) PHX, Names COO Paul Blanchard to CEO post, with the company naming chief accounting officer Robb Winfield to CFO post.

(-) PTEN, Announces $1.76 bln all-stock buyout of Seventy Seven Energy ( SVNT ), with PTEN swapping 49.6 mln of its shares for all 22.3 mln SVNT shares. PTEN also will assume about $336 mln in SVNT debt.

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: SNP , PHX , PTEN

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