Energy Sector Update for 08/27/2019: PDCE, SRCI, XOM, CVX, COP, SLB, OXY, TOT, PTR, PAA, PAGP, COP, ECA

Top Energy Stocks:

XOM: -0.86%

CVX: +0.05%

COP: -0.74%

SLB: -1.09%

OXY: -0.11%

Energy stocks were tumbling in late afternoon trading, with the NYSE Energy Index falling 0.5% while the S&P 500 energy sector was off 0.6%. West Texas Intermediate crude oil for October delivery was up $1.28 at $54.92 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude October contract was up $0.77 to $59.47 per barrel and September natural gas futures were 3 cents lower at $2.20 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund (USO) was up 2.28% while the United States Natural Gas fund (UNG) was 1.45% lower. The Philadelphia Oil Service Sector Index was down 1%.

Among energy stocks moving on news:

(+) SRC Energy (SRCI) and PDC Energy (PDCE) were both about 1% higher in afternoon trade after SRC Energy on Monday agreed to be acquired by PDC Energy in an all-stock transaction valued at $1.7 billion, including debt.

In other sector news:

(+) Total (TOT) was a touch higher after it agreed to transfer some of its assets in Kenya, Guyana and Namibia to Qatar Petroleum, Reuters reported, without disclosing the terms of the asset transfer deals.

(-) PetroChina (PTR) was 0.2% lower after the company and Saudi Aramco are among 20 energy companies that have expressed interest in acquiring eight of Petroleo Brasileiro's (PBR) refineries, Reuters reported.

(-) Plains All American Pipeline (PAA, PAGP) was declining over 0.7% after the company said in a Federal Energy Regulatory Commission filing that it won't charge shippers an additional tariff-related $0.05 per barrel fee for oil shipped through its Cactus II pipeline after producers ConocoPhillips (COP) and Encana (ECA) filed a dispute last week.

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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