Energy

Energy Sector Update for 04/12/2019: APC, TRP, MDR

Top Energy Stocks:

XOM: +1.04%

CVX: -3.53%

COP: +2.59%

SLB: +1.77%

OXY: -1.95%

Top energy stocks were mixed in pre-market trading Friday. West Texas Intermediate crude oil for May delivery was up $0.76 at $64.34 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude June contract gained $0.72 to $71.55 per barrel and May natural gas futures were 2 cents higher at $2.68 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.68%, while the United States Natural Gas fund was 0.34% higher.

Stocks moving on news include:

(+) Anadarko Petroleum (APC), which was surging more than 36% as the company agreed to be acquired by Chevron (CVX) in a cash and stock deal valued at $33 billion, or $65 per share. Chevron, meanwhile, was recently down more than 3%.

In other sector news:

(+) McDermott International (MDR) was slightly higher after it received a contract award worth between $50 million and $250 million from Qatargas for engineering, procurement, construction and installation (EPCI) for expansion of North Field offshore facilities in Qatar.

(=) TransCanada (TRP) and IEnova's Sur de Texas-Tuxpan natural gas pipeline is expected to start operations by the end of June, an official from state-owned CFEnergia told Argus Media. TransCanada was flat after the news.

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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