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GTE

Energy Sector Update for 03/31/2016: SPN,CEN,GTE

Top Energy Stocks

XOM -0.16%

CVX +0.05%

COP +0.32%

SLB -0.63%

OXY +0.04%

Energy stocks have turned mixed Thursday afternoon, with the NYSE Energy Sector Index slipping about 0.2% while shares of energy companies in the S&P 500 were up nearly 0.7% as a group. Crude oil for May delivery was up 32 cents at $38.64 per barrel while April natural gas futures were 1 cent lower at $1.98 per 1 million BTU.

In company news, shares of Superior Energy Services ( SPN ) rose after the oilfield-services company Thursday said it was suspending its quarterly dividend as well as cutting executive paychecks by 15% to preserve cash during the ongoing slump in oil and natural gas prices .

The voluntary pay cuts are slated to take effect on Friday, April 1, following approval by the board's compensation committee.

SPN shares recently were up more than 1% to $13.29 each, easing from a run as high as $13.81 a share earlier today.

In other sector news,

(+) CEN, (+0.1%) Declares monthly dividends of $0.1042 for both April and May, matching its distributions for the prior two months.

(-) GTE, (-7.5%) Discloses plans for $100 mln private placement of convertible senior notes due 2021.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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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