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Energy Stocks Lower Near Close; Ivanhoe Energy CFO To Depart, Sending Shares Skidding

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Energy stocks were ending moderately lower today with the NYSE Energy Sector Index sinking about 0.1% while shares of energy companies in the S&P 500 were down about 0.3% as a group. Crude oil for June delivery settled 52 cents higher at $102.02 per barrel while June natural gas fell 6 cents to $4.41 per 1 million BTU.

In company news, Ivanhoe Energy Inc. (IVAN,IE.TO) are down over 7% in late trade after earlier Friday saying its chief financial officer will be resigning later this month from the oil and natural gas producer to accept an unspecified leadership role at another company.

Gerald Schiefelbein will step down on May 31, continuing in his current post until that time and assisting with the search for his replacement. He joined IVAN from BP plc's ( BP ) Integrated Supply and Trading subsidiary where he also was CFO for around three years following his promotion from controller at that company.

IVAN shares were down 7.2% at 41 cents each, just a penny above its session low and 6 cents above its low-water mark for the past year in Nasdaq trade. IE.TO was off 8.25% at C45 cents a share, also just a penny off its intra-day low in Toronto Stock Exchange trading.

In other sector news,

(+) ESTE, Acquires all of privately held Oak Valley Resource's producing assets and undeveloped acreage, plus about $138 mln in cash, for 10.9 mln ESTE shares, worth $237 mln based on Thursday's $21.74 closing share price.

(-) CHK, Friday follows through with plans to spin off its Chesapeake Oilfield Operating services business into a stand-alone firm to be known as Seven Seventy Energy, relieving the parent company of around $1 bln in debt.

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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