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Energy Sector Update for 02/10/2016: GMLP, PAGP, NGL

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Top Energy Stocks

XOM -0.91%

CVX +0.25%

COP -3.60%

SLB -0.32%

OXY +0.67%

Energy stocks tumbled this afternoon, with the NYSE Energy Sector Index dropping 0.8% while shares of energy companies in the S&P 500 were down 0.4% as a group. Crude oil for March delivery settled 49 cents lower at $27.45 per barrel, reversing earlier gains, while March natural gas futures also gave back its early advance to finish 5 cents lower at $2.04 per 1 million BTU.

In company news, Golar LNG Partners ( GMLP ) was narrowly higher again in late Wednesday trading and the liquefied natural gas company purchased ownership interests in the owner and operator of the Golar Tundra GLG facility for $330 million.

The company said it expects the acquisition will add to its per-share earnings, also saying the purchase price excludes $230 million of net lease obligations.

GMLP units were up about 0.25% at $11.95 each, see-sawing between small gains and losses throughout today's session.

In other sector news,

(+) PAGP, Q4 EPS of $0.11 misses by $0.07 per share. Revenue of $5 bln lags Street view by $2.5 bln. Reduced to Neutral at Bank of America Merrill Lynch while Credit Suisse downgrades to Neutral from Outperform.

(-) NGL, GAAP Q3 net income of $0.03 trails Capital IQ consensus by $0.20 per share. Revenue of $2.685 bln also lags $3.28 mln consensus.

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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