The S&P Energy Index ( +0.9%) is higher in afternoon trade and is currently outperforming the broader market, which currently sports modest losses.
Sector News: BP (-0.8) once again refuted speculation of plan to divest its Russian joint venture stake. MY (-3.5%) reiterated its committed to continuous innovation, and does not see any impact from a proposed subsidy cut by the Chinese Government. Co does not currently receive any subsidy under the Chinese Government subsidy program, and does not expect the subsidy cut to affect the co's operations. XOM (+1.4%) announced three discoveries in deepwater Gulf of Mexico; potential for more than 700 mln barrels of recoverable oil equivalent.
Broker Calls: KMI (-0.2%) was initiated with a Hold at Deutsche Bank. FST (-1.4%) was downgraded to Neutral from Positive at Susquehanna. COG (+7.1%) was upgraded to Buy from Hold at Canaccord Genuity. CRZO (+5.8%) was upgraded to Market Outperform from Market Perform at Howard Weil. BHI (+0.7%) was upgraded to Buy from Outperform at Credit Agricole. NOG (+5.5%) was upgraded to Strong Buy at CapitalOne southcoast. TLLP (-0.2%) was initiated with an Overweight at Barclays.






