Markets

Energy Sector Update for 12/21/2015: GPRK,AMID,MNGA

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Top Energy Stocks

XOM -0.6%

CVX -1.4%

COP -2.2%

MRO +1%

OXY -0.6%

Energy stocks were lower Monday, with the NYSE Energy Sector Index sinking almost 0.9% while shares of energy companies in the S&P 500 were down about 0.8% as a group. Crude oil for February delivery was down 48 cents at $35.58 per barrel while January natural gas futures were 12 cents higher at $2.00 per 1 million BTU.

In company news, GeoPark Limited ( GPRK ) advanced Monday after the oil and natural gas producer today announced an offtake and prepayment agreement with commodity trader and logistics company Trafigura.

The offtake agreement allows for GeoPark to sell and deliver a portion of its Colombian crude oil production to Trafigura at future spot market prices, net of transportation costs, helping improve working capital for GeoPark as well as reducing its transportation and logistics costs and reducing risk.

The deal also calls on Trafigura to provide GeoPark with up to $100 million in funding through prepaid future oil sales over the 30-month contract period.

GPRK shares were up more than 9% at $3.00 apiece, retreating 10 cents from their session high in thin trade.

In other sector news,

(+) AMID, (+34.8%) ArcLight approves stock-purchase program for up to $75 mln of AMID equity units.

(-) MNGA, (-18.4%) Negative Seeking Alpha article by anonymous short-seller labels MNGA stock as a Strong Sell, an investigation found MNGA international partners were either "nonexistent, defunct or unviable." Company responds to allegations, saying the article contains "multiple instances of materially false and misleading information."

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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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