Energy Sector Update for 10/04/2019: HESM, HES, RTLR, FANG, CJ, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +0.75%

CVX: +0.53%

COP: +1.11%

SLB: +1.06%

OXY: Flat

Leading energy stocks were mostly higher pre-market Friday. West Texas Intermediate crude oil for November delivery was up $0.73 at $53.18 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude December contract gained $0.98 to $58.69 per barrel and November natural gas futures were 6 cents lower at $2.27 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.91%, while the United States Natural Gas fund was 2.05% lower.

Early movers include:

(+) Hess Midstream Partners (HESM) which was advancing by more than 4% after it unveiled a deal to acquire Hess Infrastructure Partners from Hess Corp. (HES) and privately held Global Infrastructure Partners in a transaction valued at approximately $6.2 billion.

In other sector news:

(=) Rattler Midstream (RTLR), a unit of Diamondback Energy (FANG), and Oryx Midstream said their joint venture has agreed to acquire Reliance Gathering for $355 million in cash. Rattler Midstream and Diamondback Energy were recently flat.

(=) C&J Energy Services (CJ) was unchanged as its board approved a special cash dividend of $1.00 per common share payable to shareholders of record on Oct. 18.

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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