Energy Sector Update for 06/14/2019: LGCY, PBR, TOT, XOM, CVX, COP, SLB, OXY
Top Energy Stocks:
Energy giants were mostly lower in pre-market trading Friday. West Texas Intermediate crude oil for July delivery was up $0.13 at $52.41 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude August contract gained $0.39 to $61.70 per barrel and July natural gas futures were 2 cents higher at $2.35 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.28%, while the United States Natural Gas fund was 0.80% higher.
Early movers include:
(+) Legacy Reserves (LGCY), which was surging by more than 33% after saying it executed a global restructuring support agreement (RSA) with its lenders under a reserve-based revolving credit facility (RBL Lenders).
In other sector news:
(-) Petroleo Brasileiro (PBR) was slightly lower after it completed the sale of its 90% of stake in Transportadora Associada de Gas to French natural gas distributor Engie and the Canadian fund Caisse de Depot et Placement du Quebec, resulting in proceeds of BRL33.5 billion ($8.70 billion) to the Brazilian state-owned energy company.
(+) Total (TOT) is closing in on a deal to acquire a 30% stake in India's Adani Gas for more than INR5,500 crore ($800 million), the Times of India reported, citing sources. Total was marginally advancing recently.
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