Markets

Energy Sector Update for 10/05/2015: PTEN,WG,TRR,SU,SU.TO,COS.TO

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Top Energy Stocks

XOM +1.07%

CVX +3.05%

COP +3.50%

SLB +2.58%

OXY +2.69%

Energy stocks extended their earlier advance this afternoon, with the NYSE Energy Sector Index climbing 3.2% while shares of energy companies in the S&P 500 were up more than 3.1% as a group. Crude oil for November delivery settled 72 cents higher at $46.26 per barrel while November natural gas futures were unchanged at $2.45 per 1 million BTU.

In company news, Patterson-UTI ( PTEN ) was higher in late Monday trading and the oilfield-services company today saying it had an average of 103 drilling rigs operating in the United States and Canada during September, down from 110 rigs in use during August and 221 rigs during September of 2014.

Patterson-UTI cautioned there are several other factors in addition to average drilling rigs in operation that can affect the company's quarterly financial results, adding that a particular trend in the number of rigs operating at given time may or may not be indicative of its financial performance.

PTEN shares were up more than 8% at $15.47 apiece, earlier climbing to a session high of $15.73 a share.

In other sector news,

(+) WG, Sells its Professional Services business unit to TRC Co ( TRR ) for $130 mln in cash. The companies said the acquired business generated around $209 mln in revenue during 2014 and is expected to add its earnings by 2017.

(-) SU, Begins C$4.3 bln unsolicited offer to acquire all 328.7 mln shares of Canadian Oil Sands (COS.TO) outstanding stock at C$13.08 apiece, representing a 43% premium over Friday's closing price.

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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