Top Energy Stocks
XOM +1.1%
CVX +0.70%
COP +1%, hit new 52 week high
SLB now flat, earlier hit new 52 week high
OXY +1.16%
Energy stocks are trading higher today with the NYSE Energy Sector Index advancing around 0.4% while shares of energy companies in the S&P 500 also are up 0.4% as a group. Crude oil for October delivery is down 8 cents at $107.31 per barrel. October natural gas is down 3 cents to $3.56 per 1 million BTU.
In company news, Harvest Natural Resources Inc. ( HNR ) is up 25% at $5.20 a share but off a day high $5.60 after confirming it is in exclusive negotiations with Pluspetrol Venezuela SA for the South American exploration and production firm to acquire a $373-million equity stake in the company.
Under the proposed transaction, Pluspetrol would retain HNR's 32% interest in Petrodelta SA while HNR's non-Venezuelan assets in Gabon, Indonesia, Colombia and China would be turned over into a new company that would be spun off to its shareholders.
In other sector news,
(+) MPO, (+11.6%, off day highs) Reports improved daily oil production to 30,000 barrels of oil equivalent, up 53% over Q2 levels. Also confirms Q3 production guidance expecting 27,000 to 28,000 barrels per day.
(-) CLR, (-1.3%) Oil and gas firm getting no bounce from new forecast last night expecting total production to rise between 26% to 32% in 2014 over current levels, with average daily production of 170,000 to 180,000 barrels.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
