Energy Sector Update for 04/12/2019: MPC,APC,CVX,OXY,NOV

Top Energy Stocks

XOM -0.89%

CVX -4.64%

COP +1.82%

SLB +1.61%

OXY -3.23%

Energy stocks were starting to build on their morning gains in afternoon trade, with the NYSE Energy Sector Index climbing almost 0.4% while shares of energy companies in the S&P 500 were up nearly 0.6% as a group. West Texas Intermediate crude oil for May delivery was rising 50 cents to $64.08 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude June contract was advancing 68 cents to $71.51 per barrel. May natural gas futures were 1 cent lower at $2.66 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was adding over 0.6% in value this afternoon while the United States Natural Gas fund was dropping almost 0.6%. The Philadelphia Oil Service Sector index was down less than 0.1%.

Among energy stocks moving on news:

(+) Marathon Petroleum Corp (MPC) gained fractionally Friday after announcing its proposed purchase of a 900,000-barrel capacity light product and asphalt terminal in Buffalo, N.Y., from NOCO Inc. Terms of the transaction, which also includes 33 NOCO Express retail stores, were not disclosed.

In other sector news:

(+) Anadarko Petroleum (APC) raced nearly 33% higher after agreeing to a $33 billion buyout proposal from Chevron (CVX), with the energy major offering a combination of 0.3869 of a share plus $16.25 in cash for each Anadarko share. The deal values Anadarko at $65 a share, a 38.9% premium to Thursday's closing price, and $5 below what Occidental Petroleum (OXY) reportedly has offered for the company, according to CNBC, citing sources.

(-) National Oilwell Varco (NOV) dropped 7.4% on Friday after the drilling components company said it was expecting around $1.94 billion in Q1 revenue compared with its prior guidance expecting a sequential decline from its Q4 performance when it generated $2.4 billion in revenue. Analysts polled by Capital IQ, on average, have been looking for $2.09 billion in revenue during the January-to-March reporting period.

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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