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