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Sector Update: Energy Shares Down; November Crude Just Higher

NYMEX Benchmark Crude November: (+0.2%) to $87.07

Top Energy Stocks

XOM: -1.0%

CVX: -1.4%

COP: -1.1%

SLB: -3.0%

OXY: -3.3%

Energy shares are down in mid-day trading along with a mixed broader market, while crude oil futures are finding some positive momentum, with the November contract tipping to the upside.

Light, sweet crude for November delivery is trading up 0.2% to $87.25 a barrel. In other energy futures, heating oil is up 0.91% to $2.98 a gallon while natural gas is down 1.32% to $3.78 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.9% to $33.72. The United States Natural Gas ETF ( UNG ) is down 0.89% to $9.43.

In mid-day news, shares of Apache Corp. ( APA ) are higher after the company said it will pay $1.75 billion for Exxon Mobil Corp.'s ( XOM ) U.K. North Sea assets, including the Beryl field and associated properties.

In a statement, Apache said that at the end of 2010, the properties had proved reserves estimated at 68 million barrels of oil equivalent. The deal increases Apache's North Sea production by 54% and proved reserves by 44%. Apache said

it would fund the deal with cash on hand.

Apache shares are up 0.14%, or $0.11, to $94.63.

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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