Markets

Energy Sector Update for 08/15/2017: PVAC,FPP,RIG

Top Energy Stocks

XOM -0.65%

CVX -0.71%

COP -0.91%

SLB -1.20%

OXY -1.39%

Energy stocks were lower Tuesday, with the NYSE Energy Sector Index falling almost 0.8% while shares of energy companies in the S&P 500 were down nearly 0.9% as a group. Crude oil for September delivery was down 15 cents at $47.44 per barrel while September natural gas futures were a penny lower at $2.95 per 1 million BTU.

In company news, Penn Virginia Corp ( PVAC ) rose Tuesday, with shares of the oil and natural gas producer climbing more than 5% to top out the day at $40.48 apiece after removing 'interim' from principal executive officer John Brooks' title at the company.

Brooks had been interim principal executive at Penn Virginia since last September, moving up from his prior position as executive vice president and chief operating officer after more than two years.

In a related move, the company Tuesday also named board chairman Harry Quarls to be executive chairman on the Penn Virginia board, a newly created position. Both selections became effective Tuesday.

In other sector news,

(+) FPP, (+6.2%) Q2 EPS of $0.16 reverses year-ago net loss of $0.07 per share. Revenue rises more than 15% compared with the same quarter last year to $899,000.

(-) RIG, (-6.3%) Falls to a post-Gulf disaster low of $7.55 a share after announcing transaction to buy Norwegian rival Songa Offshore for about $1.14 bln, or about 47.50 kroner per share - a 37% premium over the stock's five-day closing price.

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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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PVAC RIG

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