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EGY

Energy Sector Update for 03/03/2016: EGY,UPL,CPE

Top Energy Stocks

XOM -0.50%

CVX +0.20%

COP +5.56%

SLB +0.38%

OXY -1.71%

Energy stocks were still broadly higher Thursday, with the NYSE Energy Sector Index advancing over 1.7% while shares of energy companies in the S&P 500 were up 1.5% as a group. Crude oil for April delivery settled 9 cents lower at $34.57 per barrel while April natural gas futures fell 4 cents to $1.64 per 1 million BTU.

In company news, Vaalco Energy ( EGY ) surged Thursday after the oil and natural gas producer late yesterday said it set its borrowing base this year under its revolving credit facility at $20.1 million.

Vaalco explained the reduction compared with its previous semi-annual borrowing base determination reflects the ongoing drop in energy prices. "We are actively exploring a variety of options to supplement (our) potential liquidity needs in conjunction with our strategic alternatives, CEO Steve Guildry said in prepared remarks.

EGY shares were up more than 14% at $1.21 late today, just a penny under their session high.

In other sector news,

(+) UPL, Late Tuesday files8-K special reports with regulators outlining deals with certain unsecured lenders to defer interest and principal payments and avoiding potential default on certain liabilities.

(+) CPE, Adjusted Q4 EPS of $0.05 beats Street view by $0.02 per share, but s 12.6% drop in revenue from year-ago levels to to $33.56 mln, trailing the $37.57 mln Capital IQ 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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