Energy
TGE

Energy Sector Update for 09/20/2019: TGE,MRO,MDR,CRC

Top Energy Stocks

XOM -0.55%

CVX +0.47%

COP +1.51%

SLB -1.28%

OXY -0.97%

Energy stocks turned narrowly mixed this afternoon, with the NYSE Energy Sector Index climbing less than 0.1% while shares of energy companies in the S&P 500 were down 0.3% as a group. West Texas Intermediate crude oil for October delivery settled 4 cents lower at $58.09 per barrel, reversing an earlier gain, while the Brent crude November contract advanced 14 cents to $64.54 per barrel. October natural gas futures finished little changed at $2.53 per 1 million BTU.

Among energy stocks moving on news:

(+) Tallgrass Energy Partners (TGE) was fractionally higher heading into Friday's close after the Federal Energy Regulatory Commission late Thursday reportedly voted 2-1 to approve the company's Cheyenne Connector and Cheyenne Hub projects in southern Wyoming. The 70-mile extension will boost capacity for Tallgrass by 600 million cubic feet per day and link natural gas production by Occidental Petroleum (OXY) and DCP Midstream (DCP) in the Denver-Julesburg Basin in northern Colorado to the Rockies Express Pipeline for delivery to the Midwest.

In other sector news:

(+) McDermott International (MDR) rose 26% on Friday, recouping a portion of its 73% decline over the previous two days after the oilfield-services company said it was exploring strategic alternatives for its Lummus Technology unit after recently receiving unsolicited offers to buy the business.

(+) California Resources (CRC) climbed more than 12% after the oil and natural gas producer denied reports that it has met with restructuring advisers and that it is evaluating sale prospects. In a statement to StreetInsider, the company said it was looking at asset sales, royalty monetizations and other means to reduce its debt, adding it regularly meets with investment bankers and advisers.

(+) Marathon Oil (MRO) was fractionally higher after Wells Fargo increased its price target for the exploration and production company by $1 to $21 and also reiterated its outperform investment rating for the company's stock.

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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TGE MRO MDR CRC