Top Energy Stocks
Energy stocks were ending broadly higher today with the NYSE Energy Sector Index rising 1.8% while shares of energy companies in the S&P 500 were up almost 1.7% as a group. Crude oil for May delivery settled $1.38 higher at $53.29 per barrel while May natural gas futures finished 2 cents higher at $2.53 per 1 million BTU.
In company news, Solazyme ( SZYM ) rallied Tuesday after today announcing a new strategic agreement with oilfield-services company Flotek Industries ( FTK ) to commercialize a drilling fluid additive allowing energy companies to use water-based rather than oil-based products while drilling new wells.
The new product, Flocapso, combines SZYM's biodegradable Encapso lubricant with FTK's nano-fluid technology. The companies currently are working with a large, unidentified oil company in the Middle East and also are pursuing more commercial applications for Flocapso.
SZYM shares were up nearly 26% this afternoon at $4.06, previously climbing to a session high of $4.13 a share. The stock has traded within a 52-week range of $2.00 to $12.44 a share, rising almost 72% over the past 12 months prior to today's price gain.
FTK also agreed to market Encapso in the Middle East. It also rose today, posting over a 3% gain to $17.72 a share shortly before the closing bell, earlier rising as high as $17.90 a share.
In other sector news,
(+) EGY, Successfully drills Etame 12-H well offshore of Gabon in west Africa, which is producing around 2,000 barrels of oil per day after targeting previously untapped lower lobe of the Gamba reservoir.
(+) ARP, Names CEO Edward Cohen and executive board chairman Jonathan Cohen along with Daniel Herz, newly appointed to head the company's Atlas Energy Group, named to new executive committee at the firm.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.