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Energy Stocks Extending Gains; Helix Adds 3% On Plans to Build Second Well-Intervention Vessel

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XOM -0.15%

CVX +0.48%

COP +0.46%

SLB +0.29%

OXY +1.20%

Energy stocks are adding to their earlier gains, with the NYSE Energy Sector Index rising 0.7% while shares of energy companies in the S&P 500 also are up about 0.7% as a group. Crude oil for September delivery settled $1.95 higher at $105.03 per barrel while September natural gas rose a penny to $3.45 per 1 mln BTU.

In company news, Helix Energy Solutions Group ( HLX ) is up 3% to $25.55 a share, just 4 cents off its session high after saying it is moving ahead with construction of a second semisubmersible well intervention vessel.

CEO Owen Kratz said the decision reflects "strong market demand," adding the newbuild vessel, to be named the Q7000, also fits with HLX's strategy of expanding its global well-intervention fleet.

In other sector news,

(+) REGI, Reports Q2 earnings of $0.62 per share, beating the Capital IQ consensus by $0.04. Revenue climbs 42.4% year over year to $387.1 million, topping estimates by $85.71 million.

(-) STNG, Prices offering of 20 million shares of its common stock at $9.50 each. Net proceeds will be used to purchase additional product tanker vessels and LPG carriers.

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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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