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Sector Update: Energy

Energy stocks were ending higher Monday afternoon with the NYSE Energy Sector Index reversing earlier losses to finish with a 0.75 gain while shares of energy companies in the S&P 500 were up about 0.1% as a group. Crude oil for September delivery rose 2 cents to $3.98 per 1 million BTU.

In company news, EXCO Resource was slightly lower late Monday, with shares of the oil and gas company fighting downward resistance near its break-even mark after saying its chief financial officer was leaving next month to join another company.

Richard Burnett will be promoted Sept. 19 to CFO from his current role as chief accounting officer at XCO, succeeding Mark Mulhern, who had served as CFO since April 2013 in addition to his seat on the company's board of directors since 2010.

Mulhern will join Highwoods Properties Inc. ( HIW ) on Oct. 1, replacing Terry Stevens, who is retiring from the real estate investment trust.

XCO shares were slightly lower at $4.59 each in late afternoon trade, recently breaking back through their break-even mark to trade aabout 0.4% and giving back its day-long gains as high as $4.65 a share. The stock has traded within a 52-week range of $4.31 to $7.89 a share, declining over 38% over the past 12 months.

In other sector news,

(+) KMI, Climbs to new 52-week high after announcing $71 mln plan to purchase and combine all of its operating subsidiaries - Kinder Morgan Energy Partners ( KMP ), Kinder Morgan Management ( KMR ) and El Paso Pipeline Partners - into a single company.

(-) DVR, Reports Q2 net loss of $29.1 million, or $0.31 per diluted share, on $121.7 million in revenue. The Street was looking for a $0.05 per share loss on $127.1 mln in revenue.

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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