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Engery Sector Update for 11/17/2014: USO, UNG, PGN

Top Energy Stocks

XOM: flat

CVX: flat

COP: flat

SLB: +0.29%

OXY: flat

Energy shares were generally flat in pre-market trade Monday as crude oil futures slid.

Light, sweet crude oil for December delivery was down 1.08% at $73.25 per barrel. In other energy futures, heating oil was down 1.0% at $2.35 per gallon while natural gas was up 3.18% at $3.55 British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 1.39% at $28.43. The United States Natural Gas ETF ( UNG ) was up 1.69% at $21.65.

In other energy news, Paragon Offshore ( PGN ) Monday reported that it paid $112.4 million to acquire 52.8 million shares, or 55.8% of Prospector Offshore Drilling (PROS:OSE), a Norwegian offshore drilling company listed on the Oslo Axess.

Paragon Offshore, an offshore rig contractor, said it intends to launch a mandatory tender offer for the remaining outstanding shares of PROS as mandated by Luxembourg and Norwegian law. PROS operates in the North Sea, and reported contracts with a backlog of $384 million.

Shares in Paragon Offshore were unchanged during Monday's pre-market trading session at $4.77. Over the past 52 weeks, the company has traded between $4.45 and $17.50.

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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