Top Energy Stocks
XOM +0.55%
CVX +1.59%
COP +1.57%
SLB +0.15%
OXY +0.40%
Energy stocks were mostly higher, with the NYSE Energy Sector Index rising about 0.8% while shares of energy companies in the S&P 500 were ahead by 0.8% as a group. Crude oil for June delivery was up 63 cents at $57.95 per barrel while May natural gas futures were down 9 cents to $2.55 per 1 million BTU.
In company news, Legacy Reserves LP ( LGCY ) rose Monday after the oil and natural gas company cut its Q1 distribution to unitholders by almost 43% compared with previous payout as well as reaffirming a $60 million capital budget this year.
The company said the reduced distribution to $0.35 per unit from $0.65 per unit reflects the sustained decline in crude oil prices and its impact on LGCY's cash flow. It was the first time ever LGCY had cut its distribution.
The company also said it was keeping spending on capital projects this year around $60 million, adding it already has spent around $27 million - or about 45% of it overall budget - during the first three months of the year.
LGCY shares were up more than 8% this afternoon at $13.69 each, staying within 8 cents of their session high. The stock has traded within a 52-week range of $8.06 to $32.61 a share, declining almost 52% over the past 12 months prior to Monday's advance.
In other sector news,
(+) WRES, (+4.5%) Reaches deal with Procter & Gamble's ( PG ) paper products unit to continue supplying 40 mln BTU of natural gas daily to its industrial facility in Mehoopany, Pa.
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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.
