Energy Sector Update for 09/19/2019: EPD,TALO,XOM,BP,PAGP,PAA,OXY

Top Energy Stocks

XOM -0.36%

CVX -0.49%

COP +0.29%

SLB +0.25%

OXY +2.98%

Energy stocks were narrowly mixed this afternoon, with the NYSE Energy Sector Index climbing slightly more than 0.1% while shares of energy companies in the S&P 500 also were down just over 0.1% as a group. West Texas Intermediate crude oil for October delivery was rising 56 cents to $58.67 per barrel while the Brent crude November contract was advancing $1.18 to $64.78 per barrel. October natural gas futures were down 10 cents at $2.54 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was ahead more than 0.8% while the United States Natural Gas fund was falling nearly 3.5%. The Philadelphia Oil Service Sector index was little changed.

Among energy stocks moving on news:

(-) Enterprise Products Partners (EPD) fell almost 1% on Thursday after announcing plans to expand its Acadian natural gas pipeline to connect rising production from the Haynesville Shale formation in northwestern Louisiana and eastern Texas to liquefied natural gas producers in south Louisiana. The company also plans on increasing capacity on the Acadian Haynesville extension by adding horsepower at its Mansfield compressor station.

In other sector news:

(-) Talos Energy (TALO) was slightly lower Thursday, slipping about 0.7%, after the exploration and production company announced separate deals with energy majors ExxonMobil (XOM) and BP (BP) for new opportunities in the US Gulf of Mexico. Under one deal, Talos acquired a prospect adjacent to its Phoenix complex from Exxon for an undisclosed amount and also will hold a 25% interest in an evaluation project with BP within Talos' Green Canyon exploration block in the Gulf.

(-) Plains GP Holdings (PAGP) was nearly 1% lower after late Wednesday pricing a secondary offering of 15 million Class A shares by an affiliate of Occidential Petroleum (OXY) at $22.05 each, representing a 1.9% discount to Wednesday's closing price. Oxy Holding Company also sold nearly 15 million common units of Plains All American Pipeline (PAA) through a concurrent secondary offering at $21.46 apiece, or about 1.8% below its last closing price.

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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