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Sector Update: Energy

Energy stocks were narrowly higher, with the NYSE Energy Sector Index rising 0.1% while shares of energy companies in the S&P 500 were up 0.3% as a group. Crude oil for July delivery was up 30 cents at $104.65 per barrel while July natural gas was up 1 cent to $4.54 per 1 million BTU.

In company news, Oceaneering International, Inc. ( OII ) has reversed early declines and was trading narrowly higher in recent trade after the offshore oilfield-services company announced a new contract for its production-control umbilical systems.

One contract calls on the company to supply a combined 31 miles in super-duplex steel tube umbilicals for FMC Technologies ( FTI ) and its Jangkrik project in the Muara Bakau production-sharing contract area off the coast of Indonesia.

Delivery is expected to begin before the end of the year and continue through mid-2015. Financial terms of the contract were not disclosed.

OII shares were up 0.1% to $74.92 apiece in recent trade, turning around an early slide earlier to a session low of $74.34 a share. The stock has a 52-week range of $66.00 to $87.64 a share, rising about 6% over the past 12 months.

FTI was down 0.2% at $58.99 a share this afternoon.

In other sector news,

(+) BIOF, (+41.4%) Former ethanol producer announces deal to acquire real estate developer JBGL Builder Finance from Greenlight Capital and James Brickman for $275 mln in cash and stock.

(+) PVA, (+1.8%) Prices upsized $275 mln private placement (from $250 mln) of 2.75 mln depositary shares each representing a 1/100th interest in a share of Series B 6.00% convertible perpetual preferred stock with $10,000 liquidation preference.

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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