Energy Sector Update for 07/11/2019: COP,TELL,OXY,CVE,CVE.TO

Top Energy Stocks

XOM -0.10%

CVX -0.30%

COP -0.13%

SLB +0.48%

OXY +0.18%

Energy stocks still were narrowly higher in late trade, with the NYSE Energy Sector Index climbing just over 0.1% while shares of energy companies in the S&P 500 also were up almost 0.1% as a group. West Texas Intermediate crude oil for August delivery settled 23 cents lower at $60.20 per barrel in New York while the global benchmark Brent crude September contract slipped 35 cents to $66.66 per barrel. August natural gas futures fell 3 cents to $2.42 per 1 million BTU.

Among energy stocks moving on news:

(-) ConocoPhillips (COP) was narrowly lower shortly before Thursday's closing bell after declaring a $0.305 per share quarterly dividend, unchanged from its most recent distribution. The upcoming dividend is payable Sept. 3 to shareholders of record on July 22.

In other sector news:

(+) Tellurian (TELL) rose almost 5% on Thursday, adding to a 2.4% advance during the previous session. On Wednesday, the company said French energy major Total SA (TOT) has agreed to buy 1 million tons of liquefied natural gas per year from Tellerian's Driftwood LNG terminal in Louisiana and will invest another $500 million in the proposed facility, increasing its overall stake to $907 million. Tellurian expects to finalize agreements with other Driftwood partners and make a final investment decision on the $13.8 billion project before the end of the year, company CEO Meg Gentle said in a statement.

(+) Occidental Petroleum Corp (OXY) was edging higher after the energy major Thursday declared a quarterly dividend of $0.79 per share, representing a $0.01 per share increase over its prior distribution to investors. The upcoming dividend is payable Oct. 15 to shareholders of record on Sept. 10.

(+) Cenovus Energy (CVE) was ending fractionally higher this afternoon. The Canadian oil and natural gas company said production from its Foster Creek and Christina Lake oil-sands facilities in Alberta has exceeded 1 billion barrels.

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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