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Energy Sector Update for 01/31/2017: ERF,GTE,AZUR

Top Energy Stocks

XOM -1.63%

CVX -0.53%

COP +2.25%

SLB +0.01%

OXY -0.44%

Energy stocks were finishing slightly lower today, with the NYSE Energy Sector Index slipping about 0.1% while shares of energy companies in the S&P 500 were down 0.3% as a group. Crude oil for March delivery settled 18 cents higher at $53.81 per barrel. March natural gas futures fell 12 cents to $3.12 per 1 million BTU.

In company news, Enerplus (ERF,ERF.TO) advanced Tuesday after the Canadian natural gas company today said it expects its liquids production to increase around 25% from the start of the year through the end of 2017, driven by a rising rate-of-return at its North Dakota developments.

Overall, total production is seen growing about 50% this year, it said. It expects to average between 86,000 to 90,000 barrels of oil equivalent per day, with crude oil and natural gas liquids production making up up to half of its 2017 production.

ENF shares were up almost 3% in late U.S. trade at $8.87 each, matching their session high.

In other sector news,

(+) GTE, Announces plans for a normal course issuers bid, with the Canadian oil and gas company looking to repurchase up to 5% of its outstanding stock during declines in its share price.

(-) AZUR, Begins Chapter 11 bankruptcy proceedings, with the company expecting to soon file a motion seeking sale of all or most of its assets. Anticipates to continue day-to-day operations during court-supervised process.

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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