Top Energy Stocks
Energy stocks were higher Tuesday, with the NYSE Energy Sector Index rising about 0.2% while shares of energy companies in the S&P 500 were up almost 0.3% as a group. Crude oil for February delivery was up 62 cents at $36.46 per barrel while January natural gas futures were 4 cents lower at $1.95 per 1 million BTU.
In company news, Chevron Corp ( CVX ) advanced Tuesday after the energy major said it has signed a long-term supply pact for liquefied natural gas from its Australian Gorgon project to China Huadian Green Energy Co. over a 10-year period beginning in 2020.
The non-binding heads of agreement announced late Monday calls for Australian Gorgon to provide up to 1 million tons per year of LNG to the Chinese buyer and increases the amount of gas produced by Chevron's Australian operations now committed to long-term contracts to around 80%.
The Gorgon project is slated to begin shipping LNG early next year and is a joint venture 47.3% owned by Chevron. ExxonMobil ( XOM ) and Royal Dutch Shell (RDS-A) each own equal 25% stakes.
CVX shares were up more than 1% at $90.24, earlier climbing to a session high of $90.79 a share. XOM also was higher today at $77.76 a share, rising about 0.7%, while RDS-A was more than 2% higher at $44.55 a share.
In other sector news,
(+) DNR, (+6.6%) Begins private exchange offer for all of its outstanding 6% senior subordinated notes due 2021 and 5% senior subordinated notes due 2022 as well as its 4% senior subordinated notes due 2023.
(-) REXX, (-4.4%) KeyBanc downgrade to Sector Weight from Overweight.
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