Energy Sector Update for 11/11/2019: NOG,CLMT,XOG

Top Energy Stocks

XOM -0.37%

CVX +0.27%

COP -0.24%

SLB -0.47%

OXY -2.82%

Energy stocks were narrowly lower this afternoon, with the NYSE Energy Sector Index falling almost 0.3% while the shares of energy companies in the S&P 500 were down more than 0.2% as a group. West Texas Intermediate crude oil for December delivery was slipping 31 cents to $56.93 per barrel in New York while the global benchmark Brent crude January contract was declining 22 cents to $62.29 per barrel, December natural gas futures were 16 cents lower at $2.63 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was dropping nearly 0.7% while the United States Natural Gas fund was sinking 6%. The Philadelphia Oil Service Sector index was off about 1%.

Among energy stocks moving on news:

(-) Northern Oil and Gas (NOG) declined slightly on Monday after saying 71.3% of the holders of its 8.50% senior secured second lien notes due 2023 have agreed to selected changes to the indenture for the notes, including changes to the provisions for the payment of interest in kind and updating selected covenants and definitions for its restricted payments builder basket. The company also extended the deadline for its tender offer for the second-lien notes until Nov. 14.

In other sector news:

(+) Calumet Specialty Products Partners L.P (CLMT) rose 7.5% after Monday saying it completed the sale of its refinery in San Antonio, Texas, along with a crude oil terminal and pipeline assets to Starlight Relativity Acquisition for $63 million plus post-closing adjustments. Calumet also said it has agreed to settle all of its outstanding litigation with TexStar Midstream Logistics, releasing $38 million in balance sheet liabilities.

(-) Extraction Oil & Gas (XOG) fell 14% after Citigroup Monday lowered its investment recommendation for the company's stock to neutral from buy previously and also reduced its price target for Extraction shares by $4 to $2.50 apiece.

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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