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Energy Sector Update for 01/05/2018: PBR,XOM,RDC,ENLC,BHGE

Top Energy Stocks

XOM -0.18%

CVX -0.15%

COP -0.18%

SLB +0.70%

OXY -0.53%

Energy stocks declined Friday, with the NYSE Energy Sector Index slipping slightly more than 0.2% while shares of energy companies in the S&P 500 were down nearly 0.2% as a group after crude oil for February delivery settled 57 cents lower at $61.44 per barrel.

In industry news:

The number of U.S. oil rigs in operation fell to its lowest level since mid-November at 742 during the seven days ended today, down five rigs from last week, according to a new inventory report by energy services firm Baker Hughes ( BHGE ). The number of gas rigs in use around the United States was unchanged at 182, with the national total slipping to 924 from 929 last week. That compares with 529 oil and gas rigs throughout the country during the same week last year.

Among energy stocks moving on news:

American depository shares of Petroleo Brasileiro SA ( PBR ) were holding on to a small gain late Friday, extending an 8% advance over the past five sessions, following reports that shareholders of the Brazilian state-run energy company also known as Petrobras are petitioning a Brazilian court to be paid on similar terms as those given to U.S. shareholders in a $2.95 billion settlement. The company on Wednesday agreed to settle a class action lawsuit in the United States that claimed damages for the Brazilian state-controlled oil company's role in a bribery scheme involving company executives and government officials.

In other sector news:

- Exxon Mobil ( XOM ) fell Friday despite the energy major today reporting positive results from its Ranger-1 exploration well offshore of Guyana. Drilling at the ultra-deepwater well began on the ocean floor 8,973 feet under the surface on Nov. 5 and reached a total depth of 21,161 feet. It found around 230 feet of high-quality, oil-bearing carbonate reservoir, marking Exxon's sixth offshore discovery in the Stabroek block since 2015.

- Rowan Companies ( RDC ) dropped almost 3% at one point today after the contract driller today said it purchased two jack-up drill rigs built in 2013 through a public auction from a subsidiary of Brazilian state-owned energy firm Petrobras ( PBR ). Rowan thought it had the winning bid at $30 mln per rig but the Brazilian energy company believed that offer was too low and the companies were eventually able to negotiate the final selling price of $38.5 mln per unit. Rowan plans on deploying the rigs in Middle East later during Q1.

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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.

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