Oil & Gas Stock Roundup: BP Project Start-Up, PSXP Asset Buyout, RIG's Floater Retirement
Zacks Investment Research | Sep 27, 2017 08:50AM ET
It was a week where oil prices extended the streak of gains, while natural gas futures slipped following a clutch of bearish data sets.
On the news front, European oil major BP plc (LON:BP) (NYSE:BP) started pumping natural gas from the Khazzan field in Oman, midstream energy player Phillips 66 Partners L.P. (NYSE:PSXP) entered into a $2.4 billion agreement to buy Bakken assets from its parent, while Drilling powerhouse Transocean Ltd. (NYSE:RIG) decided to scrap six floaters, taking a $1.4 billion hit in the process.
Overall, it was a mixed week for the sector. While West Texas Intermediate (WTI) crude futures gained 1.5% to close at $50.66 per barrel, natural gas prices fell 2.2% to $2.959 per million Btu (MMBtu). (See the last ‘Oil & Gas Stock Roundup’ here: Zacks Investment Research
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