Sector Update: Energy
Energy stocks were slightly higher this afternoon, with the NYSE Energy Sector Index rising about 0.2% while shares of energy companies in the S&P 500 were up about 0.1% as a group. Crude oil for July delivery was down 4 cents at $102.43 per barrel, while July natural gas was up a penny at $4.63 per 1 million BTU.
In company news, Magellan Petroleum ( MPET ) rose Tuesday after the exploration and production company announced plans to drill two exploration wells in its UK license areas.
The company's partner, Angus Energy, next month expects to spud an exploration well on the Horse Hill prospect within the License 137 area. Angus will carry 100% of MPET's costs for the well, with MPET retaining a 35% working interest in the well.
MPET also plans to fund its 50% share of a well to be drilled later this year by Celtique Energie at Broadford Bridge in the License 234 area.
Shares were up about 5.4% at $1.76 apiece in recent trade, earlier climbing to a session high of $1.96 a share. The stock has a 52-week range of 98 cents to $2.52 a share, rising just under 78% in value over the past 12 months.
In other sector news,
(+) SARA, (+46.7%) Rocky 3 Well exceeds expectations, testing at more than 1,500 barrels of oil and 240,000 cubic feet of natural per day. SARA's other horizontal wells in the same field, drilled in 2013, also continue to perform well.
(-) SMLP, (-0.1%) Summit Investments exercises option to pay $377 mln to buy 40% equity stake in Ohio Gathering Co. and Ohio Condensate Co. from affiliates of MarkWest and The Energy & Minerals Group.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.