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Energy Sector Update for 06/26/2017: PBR,AMFW,WFT

Top Energy Stocks

XOM -0.39%

CVX -0.64%

COP -0.98%

SLB +0.46%

OXY +0.08%

Energy stocks have turned narrowly mixed Monday afternoon, with the NYSE Energy Sector Index rising nearly 0.2% while shares of energy companies in the S&P 500 were down less than 0.1% as a group. Crude oil for August delivery was up 35 cents at $43.36 per barrel while July natural gas futures were 9 cents higher at $3.03 per 1 million BTU.

In company news, American depository shares of Petroleo Brasileiro SA ( PBR ) were staying within a penny of their session high on Monday, rising nearly 3% to $7.97 per ADS in recent trading after the state-run energy major better known as Petrobras this weekend said it has resumed talks with a struggling Brazilian asset manager over vessel contracts.

Petrobras said any agreement resulting from the new negotiations with Sete Brasil will require approval by relevant regulatory bodies as well as the company's board of directors. The companies suspended talks earlier this year after Sete Brasil filed for bankruptcy protection in Rio de Janeiro after failing to pay some overdue debt.

In other sector news,

(+) AMFW, (+0.1%) Completes sale of its circulating fluidized bed boiler business to Sumitomo Heavy Industries for $170 mln. Net proceeds will be used to reduce debt.

(-) WFT, (-2.2%) Begins $250 mln private placement of its 9.875% senior notes due 2024. Net proceeds will be used to repay debt owed through the company's revolving credit facility and providing additional liquidity.

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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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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