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Energy Sector Update for 04/24/2019: CVE, APC,OXY,CVX,NMM

Top Energy Stocks

XOM -1.58%

CVX -2.42%

COP -1.58%

SLB -2.32%

OXY -2.21%

Energy stocks were sharply lower Wednesday, with the NYSE Energy Sector Index falling more than 1.7% while shares of energy companies in the S&P 500 were down almost 1.2% as a group. West Texas Intermediate crude oil for June delivery was slipping 49 cents to $65.81 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude June contract was declining 6 cents to $74.45 per barrel. May natural gas futures were unchanged at $2.46 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling over 0.6% while the United States Natural Gas fund was up 0.3%. The Philadelphia Oil Service Sector index was down nearly 2.5%.

Among energy stocks moving on news:

(-) Cenovus Energy (CVE) declined Wednesday, falling 3%, after the Canadian oil and natural gas producer reported core Q1 net income of CAD0.06 per share, reversing a CAD0.61 per share net loss during the year-ago period but missing the Capital IQ consensus expecting CAD0.25 per share for the three months ended March 31.

In other sector news:

(+) Anadarko Petroleum (APC) was surging this afternoon, rising 12%, after Occidental Petroleum (OXY) topped Chevron's (CVX) buyout proposal by 16.9%, offering $76 per share in cash and stock for the rival energy producer. Under terms of the $57 billion offer, Anadarko investors will receive $38 in cash and 0.6094 of an Occidental share for each of their shares. Chevron made a $65-per-share bid for Anadarko on April 12.

(+) Navios Maritime Partners LP (NMM) turned higher this afternoon, reversing an earlier decline in the session. The tanker company Wednesday declared a cash distribution of $0.02 per equity unit for the quarter ended March 31, unchanged from its most recent payout to investors and payable May 14 to unit-holders of record on May 10.

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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