Energy Sector Update for 10/08/2019: CQP,BRY,XOM,TRP,TRP.TO

Top Energy Stocks

XOM -1.78%

CVX -0.82%

COP -0.22%

SLB -2.52%

OXY -2.22%

Energy stocks extended their Tuesday declines, with the NYSE Energy Sector Index sinking over 1.1% while shares of energy companies in the S&P 500 also were down more than 1.0% as a group. West Texas Intermediate crude oil for November delivery settled 12 cents lower at $52.63 per barrel in New York while the Brent crude December contract declined 22 cents to $58.13 per barrel. November natural gas futures fell 2 cents to $2.29 per 1 million BTU.

Among energy stocks moving on news:

(+) Cheniere Energy Partners (CQP) slid 1.4% on Tuesday after a Bernstein downgrade of the liquefied natural gas regasification company to market perform from outperform previously and also established a $42 price target for the company's stock.

In other sector news:

(+) Berry Petroleum (BRY) rose almost 1% after late Monday issuing preliminary Q3 production levels, increasing to 29,600 barrels of oil equivalent per day, or 7.7% above the previous quarter. The company also reaffirmed its FY19 outlook. Oil accounted for 88% of Berry's production during September, it said, up 2 percentage points over the Q2 average.

(-) TC Energy (TRP) fell about 1.3% after reports the company is delaying pre-construction work for the Keystone XL pipeline while a federal court judge in Montana considers a challenge by two environmental groups to the controversal project. US District Court Judge Brian Morris has scheduled a hearing on the issue for Wednesday, reports said.

(-) Exxon Mobil (XOM) slipped nearly 2% on Tuesday after a consulting firm warned the energy major may have a difficult time finding buyers for $5 billion of its assets in the Asia-Pacific region on the block as part of the company's divestment program. Wood Mackenzie highlighted five likely properties for Exxon to sell but cautioned that the bigger challenge facing the company was "availability of buyers" amid a glut of assets for sale.

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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