Markets

Energy Sector Update for 01/23/2017: TRCH,TGP,NAT

Top Energy Stocks

XOM -1.17%

CVX -0.12%

COP -1.61%

SLB -2.46%

OXY -0.89%

Energy stocks followed crude oil prices lower on Monday, with the NYSE Energy Sector Index sinking just over 1.0% while shares of energy companies in the S&P 500 were down over 1.1% as a group in late time. Crude oil for March delivery settled 47 cents lower at $52.75 per barrel while February natural gas futures rose 4 cents to finish at $3.24 per 1 million BTU.

In company news, Torchlight Energy Resources ( TRCH ) declined Monday after the oil and natural gas producer said it was delaying fracking and completion of its newest Hazel project well in the Midland Basin for about two weeks while it waits for delivery and an opportunity to review additional technical data for the shale logs and sidewall cores from its vendors.

The company today also said it has selected the location of its next well in the Orogrande Basin in New Mexico and is expecting to spud that well before the end of April.

TRCH shares were down almost 5% at $1.57 apiece, or slightly more than half-way in today's trading range of $1.45 to $1.65 a share.

In other sector news,

(+) TGP, Completes NOK 300 mln ($35 mln) offering of its senior unsecured notes maturing October 2021 in the Norwegian bond market. Net proceeds will be used to refinance existing debt or possibly funding installment payments on newbuilding deliveries in the future.

(-) NAT, Reduces quarterly dividend by 26% from its most recent distribution to $0.20 per share in order to make future cash outlays, including the purchase of three suezmax newbuilding tankers slated for delivery during the second half of 2018.

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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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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