Top Energy Stocks
Energy stocks were mostly lower, with the NYSE Energy Sector Index falling almost 0.8% while shares of energy companies in the S&P 500 were down more than 0.7% as a group. West Texas Intermediate crude oil for July delivery was rising 34 cents to $52.62 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude August contract was advancing 63 cents to $61.94 per barrel. July natural gas futures were 7 cents higher at $2.39 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was climbing about 1.0% while the United States Natural Gas fund was posting a more than 2.4% gain. The Philadelphia Oil Service Sector index was slipping over 3.8%.
Among energy stocks moving on news:
(+) Texas Pacific Land Trust (TPL) rose almost 1% on Friday after trustees of the oil and natural gas royalties company again dismissed a shareholders' meeting organized last month by a dissident investor group as "legally invalid," adding they also would not recognize a trustee candidate the opposition faction elected during at the May 22 vote. The two incumbent trustees, David Barry and John Norris, also refuted several accusations the dissident group levied in a statement to other shareholders late Thursday.
In other sector news:
(+) Legacy Reserves (LGCY) was ahead about 6% Friday afternoon, giving back most of a 59% morning surge, after the oil and natural gas producer announced a global restructuring support agreement ahead of plans to voluntarily file for Chapter 11 bankruptcy protection. The proposed deal includes a $256.3 million backstopped equity commitment and rights offering along with $500 million in committed exit financing from some of the company's existing lenders. Legacy also is expecting to equitize around $797.2 million of outstanding debt in addition to repaying all of its trade and unsecured creditors.
(-) Petrobras (PBR) fell about 1% after the Brazilian energy major said it has completed the sale of a 90% stake in Transportadora Associada de Gas to French natural gas distributor Engie and the Canadian fund Caisse de Depot et Placement du Quebec. The company was expecting about $8.70 billion in gross proceeds from the deal.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.