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Sector Update: Energy

Energy shares are higher in mid-day trading but crude oil futures are slipping as concerns over political issues in Egypt ease. The March crude contract is below $86 a barrel. Light, sweet crude oil for March delivery traded down $0.06, or 0.07%, to $85.51 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.47% to $36.22. The United States Natural Gas ETF ( UNG ) is up 0.28% to $5.32. In sector news Seahawk Drilling ( HAWK ) is sharply lower after it said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to Hercules Offshore ( HERO ) for $105 million. Hercules Offshore plans to buy Seahawk's assets with 22.3 million shares of its stock, $25 million in cash to retire Seahawk debt and additional cash for working capital. The sale is seen closing in Q2.

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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