Top Energy Stocks
XOM +0.34%
CVX -0.30%
COP +0.22%
SLB -0.12%
OXY +0.24%
Energy stocks were ending mixed, with the NYSE Energy Sector Index posting a slightly more than 0.2% advance this afternoon while shares of energy companies in the S&P 500 were down just over 0.1% as a group. Crude oil for January delivery settled 85 cents lower at $57.14 per barrel, reversing earlier gains, while January natural gas futures fell another 15 cents to $2.68 per 1 million BTU.
In company news, American depositary shares of Italian energy major Eni SpA ( E ) were narrowly higher in late Tuesday trading after the company today said it has completed its 2017 drilling campaign in Area 1, offshore Mexico, boosting its hydrocarbon estimate by nearly 43% over prior levels to a new total of 2 billion barrels of oil equivalent.
The new estimate, up from 1.4 billion previously, consists of 90% oil with the remainder being gas. The company expects to soon submit its Area 1 development plan for approval by local authorities. Upon approval, the company said it will sanction the development, with production startup planned for the first half of 2019.
In other sector news,
(+) SDRL, Unsecured bondholders submit alternative debt-restructuring proposal, seeking 14.3% equity stake in the company post-bankruptcy in exchange for retiring their $2.3 bln in debt, sources tell Reuters.
(-) WLL, Discloses plans for $750 mln private placement of 2026 senior notes and using a portion of the net proceeds to retire its 5.00% senior notes due 2019 plus related fees and accrued interest.
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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.
