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BP

Sector Update: Energy Stocks Mixed Near Close; BP Selling Natural Gas Assets in New Mexico

Top Energy Stocks

XOM +0.22%

CVX +0.59%

COP +0.77%

SLB +1.10%

OXY +0.96%

Energy stocks were mixed Monday afternoon with the NYSE Energy Sector Index falling about 0.7% while shares of energy companies in the S&P 500 were up 0.9% as a group. Crude oil for September delivery settled 30 cents lower at $93.35 per barrel while September natural gas rose 10 cents to finish at $3.94 per 1 million BTU.

In company news, BP plc ( BP ) was higher in late Monday trading after saying it plans to sell thousands of natural gas wells in New Mexico.

The company is looking to sell 6,600 gas wells producing around 157,000 cubic feet of natural gas a day in the San Juan Basin. It also is o looking to sell its 50% stake in a joint venture with ConocoPhillips ( COP ) extracting natural gas liquids from gas gathered in the region.

BP shares were ahead about 0.9% at $48.54 apiece, just off its session high of $48.59 a share. The stock has traded within a 52-week range of $41.08 to $53.48 a share, rising 22.6% over the past 12 months.

In other sector news,

(+) CEO, Begins production at its Wenchang 13-6 oilfield in the Pearl River Basinv of the South China Sea, with five wells generating a combined 1,300 barrels per day.

(-) SPKE, Wunderlich initiates coverage with a Buy rating. Stiefel Nicholas today also starts the stock at Buy.

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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