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Energy Sector Update for 12/17/2015: APC,LEU,TK

Top Energy Stocks

XOM -0.84%

CVX -2.09%

COP -3.63%

SLB -2.26%

OXY -2.90%

Energy stocks fell hard on Thursday, with the NYSE Energy Sector Index sinking about 2.1% while shares of energy companies in the S&P 500 were down almost 1.9% as a group. Crude oil for January delivery was down 57 cents at $34.95 per barrel while January natural gas futures fell 4 cents to $1.76 per 1 million BTU.

In company news, Anadarko Petroleum ( APC ) shares fell to five-year low on Thursday, giving back their initial gains that followed the oil and natural gas company this morning raising its output guidance, increasing the mid-point of its quarterly oil sales volume forecast by around 2 million barrels per day of oil equivalent to a range of 70 million to 82 barrels.

The improved outlook reflects better-than-expected performance, particularly in its core production areas in the Wattenberg field and the Delaware Basin, the company said.

Separately, Anadarko today said it has renewed and extended about $5 billion of its credit lines.

APC shares were down about 2% at $46.68 each, earlier dropping to their lowest price since May 2010 at $45.91 a share.

In other sector news,

(+) LEU, New federal spending bill provides $100 mln to the U.S. Department of Energy to support its uranium enrichment program. Measure also includes $50 million in direct appropriations for centrifuge research at LEU facility in Oak Ridge, Tenn.

(-) TK, Reduces quarterly dividend by 90% to $0.055 per share. Downgrades today at Credit Suisse, Wells Fargo, Seaport Global Securities and RBC Capital Markets, which also slashed its price target by $36 to $16 a share.

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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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