Energy

Energy Sector Update for 04/11/2019: CEQP,BKEP,TRCH,CPG,CPG.TO

Top Energy Stocks

XOM +0.53%

CVX +0.31%

COP -0.97%

SLB -0.71%

OXY -0.24%

Energy stocks have turned narrowly mixed this afternoon, with the NYSE Energy Sector Index falling about 0.3% while shares of energy companies in the S&P 500 were down less than 0.1% as a group. West Texas Intermediate crude oil for May delivery settled $1.03 lower at $63.58 per barrel in New York while the global benchmark Brent crude June contract declined 81 cents to $70.92 per barrel. May natural gas futures fell 4 cents to $2.66 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling 1.3% while the United States Natural Gas fund was dropping just over 1.0%. The Philadelphia Oil Service Sector index also was down more than 0.3%.

Among energy stocks moving on news:

(+) Crestwood Equity Partners LP (CEQP) rose more than 2% on Thursday after the natural gas and liquids pipeline company, through a subsidiary, announced plans for a $500 million private placement of unsecured senior notes due 2027. It expects to use net proceeds to repay debt owed under its revolving credit facility, including the $250 million used to fund a portion of its recent purchase of a 50% interest in Jackalope Gas Gathering Services LLC.

In other sector news:

(+) Torchlight Energy Resources (TRCH) jumped 13% on Thursday after the exploration and production company received the final petrophysical report for its Orogrande Basin project, with a best-case scenario indicating the Texas oilfield likely holds between 2.321 million to 4.975 million barrels of oil equivalent. The report also found up to 10 potential hydrocarbon pay zones at varying depths.

(+) Blueknight Energy Partners LP (BKEP) was nearly 11% higher Thursday after the pipeline company selected Andrew Woodward to be its new chief financial officer, starting on April 29. Woodward previously was the vice president for finance at pipeline operator Andeavor Logistics (ANDX) and earlier was a vice president in the energy group at RBC Capital Markets.

(+) Crescent Point Energy (CPG) was up fractionally on Thursday. The Canadian oil and natural gas producer said James Craddock and Jennifer Koury will stand for election to the company's board of directors, replacing Peter Bannister and Gerald Romanzin, who previously announced their plans to retire from the Crescent Point board.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

CEQP BKEP TRCH CPG

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