Markets

Energy Sector Update for 09/29/2015: STO,BBG,TRCH

Top Energy Stocks

XOM +0.01%

CVX -0.15%

COP +0.57%

SLB -1.04%

OXY +0.53%

Energy stocks have reversed earlier losses and were trading moderately higher Tuesday, with the NYSE Energy Sector Index climbing 0.6% while shares of energy companies in the S&P 500 were ahead 0.2% as a group. Crude oil for November delivery was up 91 cents at $45.34 per barrel while November natural gas futures were 5 cents lower at $2.62 per 1 million BTU.

In company news, Statoil ( STO ) was higher Tuesday after saying it laid the final piece of its Polarled Pipeline connecting the Aasta Hansteen natural gas-field in the Norwegian Sea to processing facilities and terminals on Norway's Nyhamna peninsula.

The new pipeline stretches about 480 kilometers (300 miles) at an average depth of 1,260 meters and can transport up up to 70 million standard cubic meters of gas per day, the company said.

STO American depository shares were up more than 2% today at $14.15 apiece, earlier climbing to a session high of $14.27 a share.

In other sector news,

(+) BBG, (+7.6%) Sells non-core assets in Uinta Basin for $27 mln in after-tax proceeds. Completes semi-annual review with bank lenders reaffirming $375 mln revolving credit facility due April 2020. Cuts cap-ex to $315 mln to $325 mln.

(-) TRCH, (-6.9%) Announces farm-in deal with Founders Oil and Gas for its Orogrande project in western Texas, receiving $5 mln upfront payment and $45 mln over the next two years for 50% working interest in the project.

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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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