Markets

Energy Sector Update for 06/12/2017: SLB,GEVO,MNGA

Top Energy Stocks

XOM +0.97%

CVX +1.54%

COP +2.01%

SLB -0.53%

OXY -0.26%

Energy stocks ended higher on Monday, with the NYSE Energy Sector Index rising nearly 0.5% today while shares of energy companies in the S&P 500 added more than 0.7% as a group.

In company news, oilfield-services conglomerate Schlumberger NV ( SLB ) finished narrowly lower today after Monday OTC-listed Enviro Voraxial Technology said it has sold patents, trademarks and other intellectual property to Schlumberger for $4 million.

Of the total amount, $3 million was paid at the closing with the remaining balance due following the completion of the transfer of certain assets and services to Schlumberger, expected within 12 months of the May 31 closing date.

The acquired Voraxial Separator technology provides a cost-effective method to efficiently separate large volumes of solids and liquids with different specific gravities without the need of a pressure drop.

In other sector news,

(+) GEVO, Late Friday agrees to exchange $485,000 of its 7.5% convertible senior notes due 2022 previously held by a private investor for 736,671 shares of its common stock. The deal represents an effective exchange price of 68 cents per share - a 5.4% premium over Friday's closing price.

(-) MNGA, Receives $25 mln by issuing shares of its redeemable Series C convertible preferred stock in addition to warrants to acquire more MagneGas common shares.

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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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