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BP

Sector Update: Energy Shares Down in Late Trading; Crude Futures Find Some Support; Close Atop $86

NYMEX Benchmark Crude October: (-0.5%) to $86.02

Top Energy Stocks

XOM: -1.8%

CVX: -1.7%

COP: -1.7%

SLB: -1.4%

OXY: -1.9%

Energy shares are down in late-session trading along with the rest of the market and crude oil futures managed to find some footing in the late going to finish just over $86 a barrel.

Light, sweet crude oil for October delivery finished down 0.5% to $86.02 a barrel. In other energy futures, heating oil was up 0.29% to $3.00 a gallon while natural gas was up 1.78% to $3.94 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.71% to $33.40. The United States Natural Gas ETF ( UNG ) is up 2.16% to $9.92.

In late-session energy news, shares of Halliburton ( HAL ) are down 3.25% to $40.19 in afternoon trading, while the company today announced it has entered into a definitive agreement to acquire Multi-Chem Group, a provider of oilfield production and completion chemicals and services.

Financial details of the deal were not disclosed.

Meanwhile, ADRs of BP ( BP ) are off session lows but still in the red to trade down 0.93%, or $0.34, to $36.20 in regular-session trade. Fox Business reports that the oil giant's Kinnoull Field development in the U.K. North Sea can go ahead as planned, Department of Energy and Climate Change Minister Charles Hendry said Tuesday.

Along with its partners, BP plans to invest $1.1 billion in development on the Kinnoull reservoir with a production goal of 45,000 barrels of oil equivalent per day beyond 2020.

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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