Energy Sector Update for 06/17/2019: CJ, FRAC, EQNR, XEL, XOM, CVX, COP, SLB, OXY
Top Energy Stocks:
Leading energy stocks were mixed in Monday's pre-market trading. West Texas Intermediate crude oil for July delivery was down $0.36 at $52.15 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude August contract lost $0.25 to $61.76 per barrel and July natural gas futures were flat at $2.38 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was down 0.82%, while the United States Natural Gas fund was 0.15% lower.
Early movers include:
(+) C&J Energy Services (CJ) and Keane Group (FRAC) agreed to combine in an all-stock merger of equals, creating a company with a pro-forma enterprise value of approximately $1.8 billion, including $255 million of net debt. Keane Group was slightly higher, while C&J was climbing by over 7% after the news.
In other sector news:
(=) Xcel Energy (XEL) has received a final offer from Boulder, Colorado to sell its electrical distribution infrastructure in the city for $82 million, reports said. Xcel was flat after the news.
(-) Equinor (EQNR) and its partners Ineos and Faroe Petroleum have made an oil and gas discovery in exploration well Snadd Outer Outer/Black Vulture in production license 159B in the Norwegian Sea. Equinor was recently trading lower.
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