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Energy Sector Update for 06/22/2017: E,ENOC,STO

Top Energy Stocks

XOM -0.31%

CVX +0.11%

COP +0.47%

SLB +0.53%

OXY +1.55%

Energy stocks were rising for the first time this week, adding moderate gains in afternoon trading, with the NYSE Energy Sector Index climbing almost 0.5% while shares of energy companies in the S&P 500 were up nearly 0.3% as a group. Crude oil for August delivery was up 65 cents at $43.18 per barrel while July natural gas futures were 4 cents higher at $2.93 per 1 million BTU.

In company news, American depository shares of Eni SpA ( E ) were narrowly higher this afternoon, erasing all of their prior decline earlier Thursday after the Italian energy major today signed several new strategic cooperation agreements for upstream and renewable energy sources in Kazakhstan.

One contract renews the transfer of 50% of the hydrocarbons exploration and subsoil-use rights in the Isatay block of the Caspian Sea. The block is believed to have significant potential and will be operated by a joint venture formed by Eni and with Kazakhstan oil producer KMG EP.

Work is expected to begin as soon as the license transfer is completed and approved by the government of Kazakhstan.

In other sector news,

(+) ENOC, (+41.2%) Agrees to $300-plus buyout offer from the Enel Group, which will pay $7.67 in cash for each EnerNOC share, a 42% premium over Wednesday's closing price.

(-) STO, (-0.8%) Awards contract to petroleum and chemical tanker operator AET for two specialist DP2 offshore loading shuttle tankers to be built by Samsung Heavy Industries for use in the North Sea.

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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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