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Energy Sector Update for 06/24/2016: EC,EMES,SUN,PBR

Top Energy Stocks

XOM -2.82%

CVX -2.70%

COP -5.85%

SLB -4.11%

OXY -4.22%

Energy stocks were falling Friday, with the NYSE Energy Sector Index sinking about 4.7% while shares of energy companies in the S&P 500 were down 3.9% as a group. Crude oil for August delivery settled $2.47 lower at $47.64 per barrel while July natural gas futures fell 4 cents to $2.66 per 1 million BTU.

In company news, Ecopetrol SA ( EC ) American depository shares were slipping in Friday's late trade after the Colombia-based oil company Friday said it was putting 20 of its production assets up for auction.

The properties were in the Catatumbo, Magdalena Middle and Upper Valley, Llanos and Putumayo regions of the the South American country. The company also said several of the assets were located near logistical facilities, making them more attractive to smaller- and medium-sized petroleum producers.

EC ADS were about 4.5% lower at $9.36 shortly before the closing bell, previously dropping to a session low of $9.25 a share.

In other sector news,

(+) EMES, Sells its fuels business, consisting of Direct Fuels LLC in Dallas and Birmingham, Ala.-based Allied Energy Company LLC, to Sunoco LP ( SUN ) for $178.5 million, subject to working capital adjustments. A Q3 close is planned.

(-) PBR, Extends expiration date to July 8 at 11:59 p.m. ET and increases the payment price for its 2018 notes to $1,115 per $1,000 in face value of the notes, up from $1,100 previously.

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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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