Energy Sector Update for 12/19/2017: XOG,CDEV,SRE,CBI

Top Energy Stocks

XOM -0.70%

CVX +0.07%

COP +0.69%

SLB +1.24%

OXY -0.15%

Energy stocks were outpacing most other sectors today, with the NYSE Energy Sector Index climbing nearly 0.3% while shares of energy companies in the S&P 500 were up more than 0.5% as a group. Light, sweet crude oil for January delivery settled 30 cents higher at $57.46 per barrel while January natural gas futures fell 5 cents to $2.69 per 1 million BTU. Among energy ETFs, the U.S. Oil Fund ( USO ) was up nearly 0.5% at $11.50 while the U.S. Natural Gas ETF ( UNG ) was down over 1.0% to $5.36. The Philadephia Oil-Service Sector Index index ( OSX ) was almost 1.0% higher today at 138.01

In industry news:

Arc Logistics Partners LP ( ARCX ) was little changed shortly before Tuesday's closing bell, with the company's share price trading in a tight range a penny either side of today's $16.49 starting point, after unitholders of the oil and natural gas pipeline company overwhelmingly voted in favor of its proposed merger with merger with Lightfoot Capital Partners LP and its Zenith Energy U.S. LP affiliate. Under terms of the transaction, Lightfoot will pay $16.50 in cash for each Arc unit the private equity firm doesn't already own, representing a 15% premium over the stock's price on August 28 before the deal was announced. The deal received positive votes representing about 81.12% of Arc's common units.

Among energy stocks moving on news today:

+ Extraction Oil & Gas ( XOG ) was lower this afternoon, giving back a nearly 3% gain to a session high Tuesday of $14.84 a share that followed the petroleum company predicting a 76% production increase during 2018 compared with current levels, growing to between 87,000 to 93,000 barrels of oil equivalent per day. The company also is projecting drilling and completion capital costs in a range of $770 mln to $840 mln, with additional capital spending totaling between $120 mln to $150 mln. It expects to drill up to 175 gross wells in 2018.

In other sector news:

+ Centennial Resource Development (CDEV) was up almost 1% higher this afternoon after analysts at Seaport Global Securities raised their investment call for the oil and natural gas company to Buy from Neutral.

- Sempra Energy (SRE) was trading about 1% lower today after saying its Cameron LNG & Midstream subsidiary reached a settlement on all outstanding claims by the CCJV joint venture between an affiliate of Chicago Bridge & Iron (CBI) and Japan's Chiyoda Group, which teamed to be the construction contractor for Sempra's LNG project in Louisiana. Financial terms of the settlement were not disclosed.

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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