Sector Update: Energy Up, Russia Looks to Sell 15% Stake in Rosneft
Dow Jones U.S. Oil & Gas Index: 505.45 Wednesday regular session close
NYMEX Benchmark Crude: -0.24 (--0.29%) to 83.36
Top Energy Stocks
Energy issues are mostly higher before the bell, even though oil prices are down slightly amid persisting concerns about China's growth outlook following the release of its latest GDP data. Russia is planning to sell up to 15% of shares in OAO Rosneft as the country looks to raise about $59 billion over the next five years by selling state-owned assets to help balance the budget. Prime Minister Vladimir Putin approved the plan that includes selling shares in about 900 companies. Britain's Tullow Oil plc (TLWL) said that its well offshore of Ghana failed to find oil. Woodlands, Texas-based Anadarko Petroleum ( APC ) has a 18% stake in the well. Petrofac Ltd (PFC) reported that its backlog of orders rose in the latest quarter and remained upbeat about the full year on the back of increased bidding opportunities in Iraq and Algeria. The oil and gas services group reported blacklog of $7.4 billion at the end of September, up from $6.9 billion the previous quarter.
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