Energy Sector Update for 09/11/2019: PKD, MOR, BPL, XOM, CVX, COP, SLB, OXY
Top Energy Stocks:
Top energy stocks were advancing pre-bell Wednesday. West Texas Intermediate crude oil for October delivery was up $0.26 at $57.66 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude November contract gained $0.59 to $62.75 per barrel and October natural gas futures were 2 cents lower at $2.56 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was flat, while the United States Natural Gas fund was 0.85% lower.
Early movers include:
(+) Parker Drilling (PKD), which was up more than 17% after saying its finance and strategic planning committee has recommended that its board approve a plan to delist the company's shares. The company also plans to complete a reverse stock split, which will be followed immediately by a forward stock split and delisting from trading on the New York Stock Exchange.
In other sector news:
(+) ExxonMobil (XOM), Murphy Oil (MUR) and Enauta Participacoes have teamed up to buy deepwater assets offshore Sergipe-Alagoas Basin sold in Brazil's first open acreage auction, media reports said. ExxonMobil was recently advancing, while Murphy Oil was unchanged in recent trading.
(=) Buckeye Partners (BPL) was flat after saying it has partially restarted operations at its storage terminal facility in the Bahamas following the devastation caused by Hurricane Dorian last week.
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