Oil & Gas Stock Roundup: Deals From Chevron, Canadian Natural & TC Energy
Zacks Investment Research | Jun 05, 2019 08:45AM ET
It was a week where oil prices logged sharp losses and natural gas futures dropped to multi-year lows.
On the news front, Chevron (NYSE:CVX) moved closer to its goal of pulling out of UK exploration and production after selling bulk of its North Sea oil and gas assets to Israel’s Delek group for $2 billion. Meanwhile, Canadian Natural Resources Limited (TSX:CNQ) announced that it has decided to buy Devon Energy’s (NYSE:DVN) assets in Canada for C$3.8 billion.
Overall, it was a dismal week for the sector. West Texas Intermediate (WTI) crude futures fell 8.8% to close at $53.50 per barrel, while natural gas prices moved down 6% for the week to finish at $2.454 per million Btu (MMBtu). (See the last ‘Oil & Gas Stock Roundup’ here: Zacks Investment Research
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