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Sector Update: Energy

Energy shares are slipping in mid-day trading as crude oil futures continue their prior-session slide, with the March contract trading below $85 a barrel. Light, sweet crude oil for March delivery is trading down $0.52, or 0.61%, at $84.29 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 1.34% to $35.40. The United States Natural Gas ETF ( UNG ) is up 0.47% to $5.38. In mid-day news, shares of Exxon Mobil ( XOM ) are down after the oil major said its oil and gas reserve additions last year were double that of its production, Reuters reported. The move marks the biggest jump in more than 10 years. The gains were reportedly partly due to Exxon's acquisition of XTO Energy. Exxon said its proved reserves increased by 3.5 billion oil equivalent barrels--209% of its production. That brings its reserve base to 24.8 billion oil equivalent barrels.

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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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