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Sector Update: Energy

Energy shares are getting a lift from the broader market and from crude oil futures, which have climbed above $85 a barrel. Light, sweet crude oil for March delivery is trading up $0.82, or 0.93%, to $85.10 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 0.65% to $35.62. The United States Natural Gas ETF ( UNG ) is down 1.27% to $5.34. In mid-day news, shares of Chevron ( CVX ) are higher after reports that Atlas Energy (ATL) shareholders approved the oil major's acquisition bid worth $3.58 billion. Almost 100% of owners of Atlas's shares voted in favor of the merger. Earlier this month Chevron said it would pay Atlas an additional 10 cents a share to settle litigation when its $3.59 billion acquisition is completed, Bloomberg reports. The settlement comes in response to Atlas shareholder lawsuits that claim company directors violated fiduciary duties by agreeing to an inadequate merger price.

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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