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Energy Stocks, Crude Oil Sliding Today; Athlon Energy Soaring in Post-IPO Trade

Top Energy Stocks

XOM -1.25%

CVX -2.3%

COP +1.15%, hit fresh 52 week highs

SLB -0.9%

OXY -1.1%

Energy stocks are mostly lower with the NYSE Energy Sector Index falling about 0.6% while shares of energy companies in the S&P 500 are down nearly 1.0% as a group. Crude oil for September delivery is down 98 cents at $106.91 per barrel while September natural gas id down 3 cents to $3.36 per 1 mln BTU.

In company news, Athlon Energy ( ATHL ) is soaring in its public trading debut, rising 35% to trade around $27 a share and touching as high as $27.25 after today pricing its initial public offering of 15.8 million shares at $20 each, the top of its projected $18 to $20 range.

The IPO generated stock nearly $316 million in gross proceeds. The company operates over 200 wells in the Permian Basin of west Texas, producing an average 12,000 barrels of oil equivalent per day during June, according to a recent company filing.

In other sector news,

(+) DEJ, (+10%, just shy of 52 week highs) Begins natural-gas production from the first two of four new wells at its flagship Kokopelli project in western Colorado. Both wells have eight frac stages each.

(-) LTBR, (-11%) Narrows Q2 net loss by $0.03 from a year ago, posting $0.08 per share loss. Revenue declines 30% year over year to $700,000. Expects R&D costs of $3 million to $4 million over next 12 to 15 months - roughly matching to nearly double current spending levels.

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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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