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Energy Shares Sliding in Monday's Selloff; Lucas Energy Up 10% on 4X Increase in Eagle Ford Reserve

Top Energy Stocks

XOM -1.4%

CVX -2.00%

COP -2.4%

SLB -1.2%

OXY -3.35%

Energy stocks are broadly lower, with the the NYSE Energy Sector Index sliding around 1.9% while the S&P Energy Index is down about 1.8%. Crude oil for September delivery is down over 3%, falling to $89.00 a barrel. August natural gas is up 3 cents at $3.107 per 1 million BTU.

In company news, shares of Lucas Energy ( LEI ) are up nearly 10% after saying an internal review indicates the total proved, probable, and possible reserves at its Eagle Ford properties in Texas could be nearly four times the size of original projections.

LEI said net reserves could now approach 14.5 million barrel of oil, compared with the 3.7 million barrels initially determined by petroleum engineers. Present value of the properties likely exceeds $275 million.

In other sector news,

(+) HAL, (+1.3%) Records adjusted Q2 profit of $0.80 a share, 0.05 better than the FactSet consensus. Revenue rose 21.7% to $7.23 billion.

(+) NXY, (+52.5%, hit new year highs) Agrees to $15.1 billion buyout by CNOOC, the state-run Chinese oil and gas company, receiving $27.50 a share in cash - a 61% premium to Friday's closing price.

(+) TLM, (+6.5%) Sells 49% stake in its North Sea oil assets to China Petroleum & Chemical Corp ( SNP ), also known as Sinopec, forming a joint venture to proportionately trim its cap ex costs.

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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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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