Markets

Energy Stocks Out-Pacing Gains for Crude Oil in Afternoon Trade

Top Energy Stocks

XOM +0.9%

CVX +0.5%

COP +0.84%

SLB +0.6%

OXY +0.01%

Energy stocks are mostly higher this afternoon with the NYSE Energy Sector Index ahead 1.07% and the S&P Energy Index adding 0.76% in mid-day trading. Crude oil for July delivery is up 35 cents at $83.05 a barrel while July natural gas is up 4 cents to $2.26 per 1 million BTU.

In company news, Statoil ASA ( STO ) is up about 1.5% today after signing a deal for a floating production, storage and offloading unit off the coast of Brazil from A.P. Moller-Maersk, the Danish oil and shipping group. Financial terms were not disclosed.

BW Offshore Ltd. will take over the operations on the floating platform for Statoil and Sinochem, its partner in the Brazilian Peregrino field. The companies expect the transition to take about six months.

Also today, BP plc is up about 1.4% with the British oil giant reportedly beginning work on the deepwater Galapagos project in the Gulf of Mexico. The project includes three deepwater fields and will raise output from BP's Na Kika offshore production hub.

Ramp up is expected to be completed by the end of the month, reaching 130,0000 barrels per day.

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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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