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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.

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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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