Energy

Energy Sector Update for 06/17/2019: CJ, FRAC, EQNR, XEL, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: -0.30%

CVX: +0.48%

COP: Flat

SLB: -0.22%

OXY: +0.06%

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.

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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