Markets

Energy Sector Update for 10/06/2016: PBR,PACD

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Top Energy Stocks

XOM 0.00%

CVX -0.03%

COP +1.42%

SLB +1.68%

OXY +1.55%

Energy stocks were ending narrowly higher today, with the NYSE Energy Sector Index adding about 0.2% while shares of energy companies in the S&P 500 also were up about 0.2% as a group. Crude oil for November delivery settled 61 cents higher at $50.44 per barrel while November natural gas futures rose a penny to $3.05 per 1 million BTU.

In company news, American depositary shares of Petrobras ( PBR ) rose to a 15-month high on Thursday after the Brazilian energy major today said it was discussing the potential sale of two offshore oilfields to Karoon Gas Australia.

The transaction would consist of the sale of a 100% stake of the Bauna field in the shallow waters of the Santos Basin and 50% of the Tartaruga Verde field farther offshore of Brazil in the deep waters of the Campos Basin. Petrobras will continue to own and operate in the remaining half of the Tartaruga field, the company said.

PBR ADS were up over 5% in late trade at $10.44 apiece, or just 1 cent under their highest price since early July 2015.

In other sector news,

(+) PACD, Recieves consents from a majority of the owners of its 7.25% senior secured notes after extending its solicitation by an extra day after only 30% of the bondholders to submit notes by the original Oct. 4 deadline.

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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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