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Energy Sector Update for 11/28/2017: XOM, CVX, COP, SLB, OXY, CRZO

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Top Energy Stocks:

XOM: -0.1%

CVX: +0.01%

COP: flat

SLB: -0.8%

OXY: flat

Energy shares were mixed ahead of Tuesday's opening bell, with crude oil futures lower, as traders turned toward Vienna, where petroleum ministers from OPEC nations and major-producer Russia will meet Thursday. OPEC is expected to extend the current cartel-designed production cuts beyond the slated expiration of March 2018. However, there are some pundits who posit Russia, the biggest non-OPEC producer in the agreement, could pull out of an extension, softening markets. Yet Russian oil companies are chafing under the production ceiling, and Saudi Arabia and Russia are not on the same page when it comes to Saudi tensions with Iran.

Light, sweet crude oil for January delivery was down 0.7% at $57.68 per barrel. In other energy futures, heating oil was down 0.01% at $1.95 per gallon while natural gas was down 1.9% at $3.08 per 1 million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 0.6% at $11.52 while the United States Natural Gas ETF ( UNG ) was up 1.3% at $6.11.

In energy sector news, Carrizo Oil & Gas ( CRZO ) said it plans to redeem about 25%, or $150 million, of its 7.50% senior notes due 2020, on Dec. 28. The oil-and-gas driller, active in the Eagle Ford and Permian Basin fields of the US, said the notes will be redeemed at 101.875% of the principal amount, plus accrued interest. Carrizo OIl & Gas said the funds for the redemption are primarily proceeds from its previously announced divestiture program, including the sale of properties in the Marcellus Shale and Utica Shale. The company said the redemption is consistent with its plan to reduce leverage, and it plans to continue leverage reduction in 2018.

In other sector news,

(-) XOM (-0.1%) Reportedly reorganizing its refining and chemical operation

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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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