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Energy Sector Update for 12/15/2015: WTI,ACI,MNGA

Top Energy Stocks

XOM +4.39%

CVX +4.02%

COP +2.32%

SLB +2.73%

OXY +3.00%

Energy stocks were broadly higher Tuesday, with the NYSE Energy Sector Index climbing nearly 2.5% while shares of energy companies in the S&P 500 were up slightly more than 2.3% as a group. Crude oil for January delivery was up $1.47 at $37.78 per barrel while January natural gas futures were another 6 cents lower today at $1.83 per 1 million BTU.

In company news, shares of W&T Offshore Inc. ( WTI ) advanced Tuesday after the oil and natural gas producer Tuesday morning reported a "significant" discovery at its deepwater Ewing Banks 954 A-8 exploratory well in the Gulf of Mexico.

The discovery was the company's second in its two-well drilling program from the EW 910 platform in the Gulf and W&T now expects to begin production from both wells early next year with a projected 2,300 barrels of oil equivalent each per day.

WTI shares were up over 4% at $2.79 each, at session highs.

In other sector news,

(+) ACI, (+15.7%) Exercises 30-day grace period for $90 mln interest payment due Dec. 15 for its 9.875% senior notes due 2019, 7.00% senior notes due 2019 and 7.25% senior notes due 2021.

(-) MNGA, (-0.5%) Receives around $3 mln in additional funding after investors exercise warrants to buy more stock. MNGA has issued warrants to buy over 12.6 mln shares exercisable between $1.11 to $4.00 a share.

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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