Energy Sector Update for 11/15/2019: NBL,NBLX,CPG,CPG.TO,GEVO

Top Energy Stocks

XOM +1.13%

CVX +0.25%

COP +1.09%

SLB +2.47%

OXY +3.26%

Energy stocks were mostly higher this afternoon, with the NYSE Energy Sector Index climbing more than 1% while shares of energy companies in the S&P 500 were up almost 1% as a group. West Texas Intermediate crude oil for December delivery was rising $1.02 to $57.79 per barrel in New York while the global benchmark Brent crude January contract was ahead by $1.21 at $63.49 per barrel. December natural gas futures were 6 cents higher at $2.71 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was advancing nearly 1.4% while the United States Natural Gas fund was posting a more than 1.7% gain. The Philadelphia Oil Service Sector index was nearly 2.4% higher in recent trade.

Among energy stocks moving on news:

(-) Noble Energy (NBL) fell more than 3% after the oil and natural gas producer Friday said it was selling the rest of its domestic onshore midstream interests to Noble Midstream Partners (NBLX) in exchange for $1.6 billion in cash and stock. Under terms of the proposed transaction, Noble Energy will receive $670 million in cash and 38.5 million Noble Midstream common unit, which will increase its equity stake in the pipeline company to around 63% of Noble Midstream units.

In other sector news:

(+) Crescent Point Energy (CPG) rose over 3% after the Canadian company late Thursday announced plans to sell selected natural gas infrastructure assets in Saskatchewan to privately held Steel Reef Infrastructure Corp for $500 million.

(-) Gevo (GEVO) declined nearly 2% this afternoon. The biofuels producer Friday said Lynn Smull was joining the company as chief financial officer, effective on Dec. 16. He joins Gevo from privately held One Energy Enterprises, where he also was CFO.

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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