EmailThe S&P Energy Index (-3.1%) is lower to start the shortened trading week.
The index is currently trailing the losses seen in the broader market (-2.4%).
Sector News: SUN (+2.3%) announced plans to exit its refining business and has
begun a process to sell its refineries located in Philadelphia and Marcus Hook,
Penn. The co also announced that it is conducting a comprehensive strategic
review of the co to determine the best way to deliver value to shareholders,
including how best to utilize the co's strong cash position and maximize the
potential for Sunoco's logistics and retail businesses... BPZ (-5.3%) announced
finalization of contracts to fabricate, mobilize and install a second platform
at the Corvina field in offshore Block Z-1. The estimated total project cost of
the new CX-15 platform, including all production and compression equipment, will
be $60 million.
Broker Calls: SUN (+2.3%) was reinstated with an Underperform at BofA/Merrill...
AMID (-1.2%) was initiated with a Buy at Citigroup; was initiated with an
Outperform at Wells Fargo; and initiated with a Market Perform at Raymond
James... NOV (-3.0%) was upgraded to Buy at Argus... APC (-2.2%) was upgraded to
Focus Stock from Outperform at Howard Weil.
than one year.
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