Markets

Energy Sector Update for 06/28/2017: STO,PVAC,NADL,SDRL

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Top Energy Stocks

XOM +0.52%

CVX +0.60%

COP +0.50%

SLB +0.59%

OXY +0.40%

Energy stocks were higher again on Wednesday, with the NYSE Energy Sector Index rising more than 1.0% while shares of energy companies in the S&P 500 were up more than 0.9% as a group. Crude oil for August delivery was up 46 cents at $44.71 per barrel while August natural gas futures were 3 cents higher at $3.09 per 1 million BTU.

In company news, American depository shares of Norwegian energy major Statoil ( STO ) were narrowly higher Wednesday afternoon, giving back almost all of a prior advance to a session high of $16.77 per ADS that followed the company's awarding contracts covering seven supply vessels and valued at a combined NOK3.1 billion, or about $370 million.

Five different ship owners will participate in the new contracts, which will require all of the vessels to be equipped for hybrid battery operations as well as the possibility of shore power connections. The seven ships will operate from supply bases at Mongstad and Dusavik, along with two other industrial cities along the Norwegian North Sea coast.

In other sector news,

(+) PVAC, (+0.9%) Negotiates a $72 mln increase to $200 mln in borrowing capacity for its credit facility during semi-annual redetermination. Also, Zebra 6H well has a preliminary 24-hour gross production rate of 1,269 barrels of oil equivalent per day while Zebra 7H well has a preliminary 24-hour rate of 1,785 barrels per day.

(-) NADL, (-3.1%) Seadrill ( SDRL ) increases revolving credit facility by another $100 mln to $150 mln and extends maturity to July 31 while broader restructuring talks continue for both companies.

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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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