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Energy Sector Update for 10/07/2016: BP,RDS-A,SPP,SN,DVN

Top Energy Stocks

XOM -0.21%

CVX +0.30%

COP -0.60%

SLB -0.05%

OXY +0.04%

Energy stocks trimmed some of their earlier declines, with the NYSE Energy Sector Index losing almost 0.3% while shares of energy companies in the S&P 500 were down over 0.4% as a group. Crude oil for November delivery settled 63 cents higher at $49.81 per barrel while November natural gas futures rose 14 cents higher at $3.19 per 1 million BTU.

In company news, BP ( BP ) American depository shares were higher in late Friday trading and the energy major reportedly nearing permission to set up around 3,500 fuel stations in India.

"We will shortly issue them ( BP ) a letter permitting them to set up 3,500 retail outlets," an unnamed oil ministry spokesman told Reuters. Another oil ministry official said that letter could be issued as soon as Friday. The expected move will make BP the second overseas firm to step up shop in India, joining Royal Dutch Shell (RDS-A) in a bid to meet rising demand for gasoline and gasoil in the world's second largest country as measured by population.

BP ADS were up almost 1% at $36.16 apiece in late trade, easing slightly from a session high of $36.39 a share. RDS-A ADS also were higher this afternoon, rising about 0.4% to $51.34 each.

In other sector news,

(+) SPP, Buys 50% stake in Carnero Processing LCC, a natural gas processing facility in southern Texas from Sanchez Energy ( SN ) for $47.7 mln in cash and the assumption of $32.3 mln in remaining capital commitments. Also pays $27 mln to SN for producing oil and gas assets in southern Texas.

(-) DVN, Completes $1.1 bln sale of 50% ownership stake in the Access Pipeline to Wolf Midstream Inc., a portfolio company of the Canada Pension Plan Investment Board.

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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