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Shell plc

$SHEL
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335 stories mentioning Shell plcUpdated 1d ago

Shares fell amid a broad energy-sector decline Monday as oil prices dropped on US-Iran peace progress and prospects of the Strait of Hormuz reopening.

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Sectors

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Friday afternoon, with the NYSE Energy Sector Index down 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.3%.The Philadelphia Oil Service Sector Index fell 0.3%, and the Dow Jones US Utilities Index shed 0.3%.Front-month West Texas Intermediate crude oil fell 1.9% to $100.51 a barrel, and the global benchmark Brent crude contract dropped 2.6% to $104.87 a barrel. Henry Hub natural gas futures were steady at $2.83 per 1 million BTU.In sector news, the White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported. The suggestion to use the act occurred in a recent meeting between President Donald Trump and nearly a dozen US refiners, the report said, citing sources, who added that no final decisions were made and that participants expected conversations to continue.In corporate news, Chevron (CVX) CEO Mike Wirth said oil buffers that curbed the rise in crude prices since the start of the US-Iran war are depleted, and the conflict may drive prices higher in the coming months, Reuters reported Friday, citing his speech at an energy conference in Austin, Texas. "I think the risks remain to the upside over the next few months," Wirth said, according to the report. Chevron shares were up 0.7%.Venture Global (VG), Cheniere Energy (LNG), and Woodside Energy (WDS) are included in a group of companies that are in talks with QatarEnergy for liquefied natural gas contracts aimed at replacing capacity in the Ras Laffan facility damaged by Iranian attacks, Reuters reported. Venture shares rose 1.8%, Cheniere added 0.2%, and Woodside was down 1.4%.TotalEnergies (TTE) said it has agreed to acquire Plastic Energy's 35% stake in the Grandpuits plastics recycling plant in France, making it the sole owner of the facility. Shares were up 0.5%.Shell (SHEL) disclosed Thursday that it has acquired 100% of Hunlock Creek Generating, which owns 169 megawatts of natural gas-fired generation capacity in Pennsylvania. Shell also disclosed it has agreed to sell interests in RISEC, which owns a 609-MW, two-unit combined cycle gas turbine power plant in New England, to Constellation Energy (CEG), for $715 million. Shell shares added 0.6%, and Constellation was down 0.5%.

$CEG$CVX$LNG$SHEL$TTE$VG$WDS
Wire

Update: Equinor, Shell Adura JV Awaits UK Decision on Jackdaw, Rosebank Projects

(Updates headline and includes responses from Adura and the UK Department for Energy Security and Net Zero.)Equinor (EQNR) and Shell (SHEL) joint venture Adura said Friday it is awaiting a UK government decision for its Jackdaw and Rosebank projects following the closure of public consultation last month."Following the closure of public consultation of Jackdaw and Rosebank last month, we now await a government decision on consent to allow the two projects to move forward to production. The Jackdaw platform is installed in the North Sea and, subject to receiving consent, could be supplying gas to British homes and businesses within weeks," an Adura spokesperson said in an email.The decision, which had been expected as soon as Monday, could be pushed to late autumn and come after an Oct. 8 by-election, The Telegraph reported.A UK Department for Energy Security and Net Zero spokesperson toldin an e-mail statement that the department does not comment on speculation and has not set a timeline for the decision."Any decision will take into account all relevant evidence, including environmental assessments and public representations received during the consultation process," the spokesperson said.Price: $44.93, Change: $-0.18, Percent Change: -0.40%

$EQNR$SHEL
Commodities

21 Oil, Gas Companies Apply for New Production Licences on Norwegian Continental Shelf

Norway's Energy Ministry on Friday said it has secured applications from 21 oil and gas companies, including energy majors like Shell (SHEL) and TotalEnergies (TTE), for the 2026 licensing round for new production licenses on the Norwegian Continental Shelf.The awards in predefined areas, or APA, are Norway's annual licensing round for awarding new production licenses in unlicensed exploration areas on the Norwegian continental shelf.APA 2026 was unveiled on May 5, and 21 companies applied for new production licenses by the Sep. 1 deadline, the Ministry said in a statement.The Ministry did not disclose the total number of applications for competitive reasons."The APA area is being expanded as geological knowledge in areas on the Norwegian shelf increases. In this year's licensing round, the predefined area was expanded in the North Sea, the Norwegian Sea and the Barents Sea by a total of 70 blocks (or parts of blocks)," the statement said.The Ministry intends to award new production licenses under the round in early 2027, the statement added.Companies that have applied for the licenses include Norske Shell, Aker BP, Concedo, ConocoPhillips Skandinavia, DNO Norge, Equinor Energy (EQNR), Harbour Energy Norge, Inpex Idemitsu Norge, Japex Norge, Kistos Energy Norway, Lime Petroleum, Okea, OMV Norge, Orlen Upstream Norway, Pandion Energy, Petrolia Noco, Repsol Norge, Source Energy, TotalEnergies EP Norge, Var Energi, and Wellesley Petroleum.Price: $96.82, Change: $+0.86, Percent Change: +0.90%

$EQNR$SHEL$TTE
Sectors

Sector Update: Energy Stocks Decline Premarket Friday

Energy stocks were declining premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% lower.The United States Oil Fund (USO) was down 3.8% and the United States Natural Gas Fund (UNG) was 1.2% lower.Front-month US West Texas Intermediate crude oil was 3.8% lower at $98.57 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 3.4% to reach $103.94 per barrel, and natural gas futures were down 1.2% at $2.80 per 1 million British Thermal Units.Petrobras (PBR) plans to increase diesel prices at its refineries by roughly 1 Brazilian reais ($0.20), though the state-run oil company is waiting for government measures to protect consumers from the move, Reuters reported, citing two company sources. Petrobras shares were down 0.9% pre-bell.Equinor (EQNR) and Shell (SHEL) joint venture Adura's Jackdaw gas field approval is set to be delayed until after the Oct. 8 by-election, The Telegraph reported. Shares of Equinor were down more than 1% premarket.TotalEnergies (TTE) has agreed to acquire Plastic Energy's 35% stake in the Grandpuits advanced plastics recycling plant in France, making it the sole owner of the facility, the company said. TotalEnergies stock was 0.4% lower pre-bell.

$EQNR$PBR$SHEL$TTE$UNG$USO$XLE
Equities

Market Chatter: Equinor, Shell Adura JV Faces Delay to Crucial Jackdaw Gas Field Decision in UK

Equinor (EQNR) and Shell (SHEL) joint venture Adura's Jackdaw gas field approval is set to be delayed until after the Oct. 8 by-election, The Telegraph reported Friday.The decision had been expected as soon as Monday but is now anticipated in late autumn, the report said.Adura and the UK Department of Energy did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$EQNR$SHEL
Commodities

Constellation to Acquire Rhode Island State Energy Center From Shell

Constellation Energy (CEG) said on Thursday that it has reached an agreement to acquire 100% of Risec Holdings, owner of the Rhode Island State Energy Center from Shell Energy North America, a subsidiary of Shell (SHEL) for $715 million.Located in Johnston, Rhode Island, the natural-cycle, gas-fired combined-cycle facility generates up to 609 megawatts and sells power directly into the ISO New England wholesale market, the company said.The purchase price equates to about $580 million net of first-year tax benefits, and the transaction is expected to be immediately accretive to Constellation's operating earnings while exceeding its 10% unlevered return threshold.The company noted that the acquisition will not impact Constellation's plan to execute $5 billion in share repurchases through the end of 2027.The deal remains subject to customary regulatory approvals and closing conditions, it stated.

$CEG$SHEL
Equities

Shell Shuffles US Power-Generating Portfolio

Shell (SHEL) disclosed on Thursday that it had acquired 100% of Hunlock Creek Generating, which owns 169 megawatts of natural gas-fired generation capacity in Pennsylvania. No terms were disclosed.The London-based energy giant Shell also disclosed it has agreed to sell interests in RISEC, which owns a 609-MW, two-unit combined cycle gas turbine power plant in New England, to Constellation Energy Generation (CEG), for $715 million.The acquisition of Hunlock Creek Generating strengthens its supply and capacity off-take positions in the Mid-Atlantic power grid operated by PJM Interconnection, the largest wholesale electricity market and grid operator in the US, Shell said.The sale of RISEC resulted in a "significant gain" and accelerated the return Shell expected to garner from its longer-term ownership in the power-generator, explained Shell.Both transactions are subject to regulatory approvals and are expected to close Q1 2027, Shell added.

$SHEL
Sectors

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index easing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.4%.The Philadelphia Oil Service Sector Index was shedding 0.6%, and the Dow Jones US Utilities Index was declining 0.9%.In geopolitical news, an Iran-aligned militia group's threat to the alternative shipping route through the Strait of Hormuz grew stronger. Iran-aligned Houthis seized control of Yemen's port city of Mocha on Thursday, military sources said, gaining further leverage over the Bab el-Mandeb Strait, the southern outlet of the Red Sea and an important shipping route, Reuters reported.Front-month West Texas Intermediate crude oil jumped 6.4% to $102.23 a barrel, and the global benchmark Brent crude contract popped 6.2% to $107.44 a barrel. Henry Hub natural gas futures rose 0.6% to $2.84 per 1 million BTU.In sector news, the Organization of the Petroleum Exporting Countries cut its global oil demand outlook for 2026 on Thursday as high energy prices are expected to weigh on consumption. The cartel now expects oil consumption to increase by 380,000 barrels this year, down from its prior forecast that called for a gain of 580,000 barrels.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 1.6 million barrels in the week ended Sept. 4 following a decrease of 7.6 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 400,000 barrels after a 4.5-million-barrel decline in the previous week, a much smaller drop than the 1.4-million-barrel decrease expected in a survey compiled by Bloomberg.US natural gas stocks rose by 40 billion cubic feet in the week ended Sept. 4, above the 34 billion increase expected in a survey compiled by Bloomberg and following an increase of 30 billion cubic feet in the previous week.In corporate news, Constellation Energy (CEG) agreed to acquire RISEC Holdings, owner of the Rhode Island State Energy Center, from Shell's (SHEL) North America energy unit, for $715 million. Constellation shares fell 2%, and Shell rose 0.5%.Braskem (BAK) said Wednesday that its subsidiary Voqen Energia amended a natural gas supply agreement with Petrobras (PBR), extending the contract through Dec. 31, 2029, from Dec. 31, 2026. Braskem shares jumped past 7%, and Petrobras was up 2.3%.TotalEnergies (TTE) and its partners plan to invest $10 billion in Angola over the next five years to increase oil output in the country, news outlets reported as early as Wednesday, citing remarks made by TotalEnergies CEO Patrick Pouyanne at a conference. TotalEnergies shares were down 0.2%.Vistra (VST) was Smart Insider's stock pick of the week after Chief Executive Jim Burke bought $1.2 million worth of shares between Aug. 24 and Sept. 1 at an average price of $135.38. Vistra shares were shedding 2.2%.

$BAK$CEG$PBR$SHEL$TTE$VST
Wire

Constellation Energy to Buy Rhode Island Power Plant From Shell for $715 Million

Constellation Energy (CEG) agreed to acquire RISEC Holdings, owner of the Rhode Island State Energy Center, from Shell's (SHEL) North America energy unit, for $715 million.The natural gas-fired combined-cycle facility in Johnston can generate up to 609 megawatts and sells electricity and capacity into the ISO New England wholesale market. Constellation said Thursday it will become part of its merchant generation portfolio.The price is equivalent to about $580 million net of expected first-year tax benefits, and the deal will be immediately accretive to operating earnings, Constellation said in a statement. The deal delivers returns above the company's 10% unlevered return threshold and won't affect $5 billion in authorized share repurchases by the end of 2027, according to the statement.Shell said in a statement the transaction is subject to regulatory approvals and is expected to close in Q1 2027.Constellation shares fell 2% in Thursday trading, and Shell rose 0.4%.Price: $287.92, Change: $-5.98, Percent Change: -2.04%

$CEG$SHEL
Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index fell 1%.Brent crude prices crossed $100 per barrel for the first time since late July as Iran attacked 10 ships near the Strait of Hormuz, deepening the Middle East conflict.Front-month West Texas Intermediate crude oil rose 3.6% to $96.39 a barrel, and the global benchmark Brent crude contract gained 3.5% to $101.34 a barrel. Henry Hub natural gas futures fell 3.8% to $2.81 per 1 million BTU.In corporate news, BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg reported. Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the report said. BP shares rose 1.7%.Baker Hughes (BKR) said it now expects full-year revenue of $28.50 billion to $30.30 billion, compared with prior outlook of $26.65 billion to $28.05 billion. Analysts surveyed by FactSet expect $28.03 billion. Its shares lost 0.3%.New Fortress Energy (NFE) said Wednesday that its board approved a 1-for-50 reverse stock split of its class A common stock. The reverse stock split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. New Fortress shares rose 4.8%.Shell Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said. Shell shares were up 0.3%.

$BKR$BP$NFE$SHEL
Sectors

Sector Update: Energy Stocks Gain Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.6%.The Philadelphia Oil Service Sector Index was easing 0.1%, and the Dow Jones US Utilities Index fell 1.3%.Brent crude prices crossed $100 per barrel for the first time since late July as Iran attacked 10 ships near the Strait of Hormuz, deepening the ongoing Middle East conflict.Iran said Wednesday it attacked 10 ships near the Strait of Hormuz -- a key crude and energy chokepoint, Reuters reported. Tehran reportedly launched ballistic missiles at a base used by US forces in Jordan. That followed American forces destroying five Iranian crude oil carriers in response to Tehran firing missiles twice at a US navy warship, US Central Command said Tuesday.Front-month West Texas Intermediate crude oil rose 2.5% to $95.33 a barrel, and the global benchmark Brent crude contract gained 2.5% to $100.33 a barrel. Henry Hub natural gas futures fell 3.1% to $2.83 per 1 million BTU.In corporate news, Baker Hughes (BKR) said it now expects full-year revenue of $28.50 billion to $30.30 billion, compared with prior outlook of $26.65 billion to $28.05 billion. Analysts surveyed by FactSet expect $28.03 billion. Its shares added 0.9%.BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg reported. Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the report said. BP shares rose 0.9%.Shell Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said. Shell shares were steady.

$BKR$BP$SHEL
Oil & Energy

Kazakhstan Suspends NCOC Enforcement Proceedings as Court Reviews Appeal

Kazakhstan has temporarily halted enforcement proceedings against Kashagan operator North Caspian Operating Company, or NCOC, as part of standard procedure while a court reviews its appeal, the Justice Ministry said Wednesday.Enforcement proceedings against NCOC were suspended after a court requested the case materials, but the ministry said Kazakhstan will continue efforts to recover funds for the state."...The work to recover funds from NCOC in favor of the state will continue in accordance with the procedure established by law," the ministry said.NCOC, a joint venture of Shell (SHEL), TotalEnergies (TTE), ExxonMobil (XOM) and China's CNPC, faces a long-running dispute with Kazakhstan over alleged environmental violations tied to sulfur storage, according to a Reuters report.The government has ordered NCOC to pay a fine of nearly $5 billion as part of the case, the report said.NCOC did not immediately reply to' request for comment.Price: $95.44, Change: $+0.12, Percent Change: +0.12%

$SHEL$TTE$XOM
Wire

Update: Market Chatter: BP North Sea Operations Garner Interest From Potential Buyers

(Updates with responses from Adura, BP, Var Energi, Ithaca and Harbour Energy in the fourth and fifth paragraphs, Serica Energy's comments in the sixth paragraph, and latest BP share movement in the seventh paragraph)BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg News reported Wednesday, citing people familiar with the matter.Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the unnamed sources told the news outlet.EnQuest, Harbour Energy, Ithaca Energy, Serica Energy, and Var Energi are among other potential bidders that may evaluate the assets, Bloomberg reported."Our priority is securing consent for Jackdaw and Rosebank - two advanced projects of national importance that can define the next chapter for the North Sea and for UK energy security," a spokesperson for Adura said.BP, Var Energi, Ithaca and Harbour Energy declined to comment, while EnQuest and didn't immediately respond to' requests for comment."Serica continues to rigorously evaluate a pipeline of M&A opportunities, both in the UK North Sea and other areas in which the company can successfully deliver its strategy," a Serica spokesperson toldin an emailed statement.BP shares were 1.1% higher in Wednesday trading.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $45.32, Change: $+0.44, Percent Change: +0.98%

$BP$EQNR$SHEL$TTE
Sectors

Sector Update: Energy Stocks Advance Premarket Wednesday

Energy stocks were advancing premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1% higher.The United States Oil Fund (USO) was up 1.8% and the United States Natural Gas Fund (UNG) was 1.9% lower.Front-month US West Texas Intermediate crude oil was 2.7% higher at $95.52 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.6% to $100.47 per barrel, and natural gas futures were down 2.2% at $2.85 per 1 million British Thermal Units.BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg News reported, citing people familiar with the matter. BP shares were up more than 1% pre-bell.BKV (BKV) shares were down more than 6% amid plans for a $400 million private offering of convertible senior unsecured notes due Oct. 15, 2031.Shell (SHEL) Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said. Shell shares were 0.7% higher premarket.

$BKV$BP$SHEL$UNG$USO$XLE
Equities

Update: Market Chatter: BP North Sea Operations Garner Interest From Potential Buyers

(Updates with responses from Adura, BP, Var Energi, Ithaca and Harbour Energy in the fourth and fifth paragraphs and latest BP share movement in the sixth paragraph)BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg News reported Wednesday, citing people familiar with the matter.Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the unnamed sources told the news outlet.EnQuest, Harbour Energy, Ithaca Energy, Serica Energy, and Var Energi are among other potential bidders that may evaluate the assets, Bloomberg reported."Our priority is securing consent for Jackdaw and Rosebank - two advanced projects of national importance that can define the next chapter for the North Sea and for UK energy security," a spokesperson for Adura said.BP, Var Energi, Ithaca and Harbour Energy declined to comment, while EnQuest and Serica didn't immediately respond to' requests for comment.BP shares were up 1.8% in premarket activity.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$BP$EQNR$SHEL$TTE
Equities

Market Chatter: BP North Sea Operations Garner Interest From Potential Buyers

BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg News reported Wednesday, citing people familiar with the matter.Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the unnamed sources told the news outlet.EnQuest, Harbour Energy, Ithaca Energy, Serica Energy, and Var Energi are among other potential bidders that may evaluate the assets, Bloomberg reported.BP, EnQuest, Harbour Energy, Ithaca, Serica, and Var Energi didn't immediately respond to' requests for comment.BP shares were up 1.4% in premarket activity.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$BP$EQNR$SHEL$TTE
Equities

Shell, Faw Trucks Test Battery Pack for Hybrid-Powered Commercial Vehicles

Shell (SHEL) Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said Wednesday.The battery packs use Shell's immersion cooling fluid technology to surround battery cells, the companies said.The battery pack was tested under commercial vehicle operating conditions, including sustained high-power charging and discharging, showing up to a 98% increase in maximum gradability, a 0.8% improvement in vehicle-level energy efficiency and potential battery life improvement of up to 32%, according to the companies.The pack is being considered for potential use in future Faw Trucks hybrid commercial vehicles, the companies said.The companies said the technology will be showcased at the FAW Trucks booth during IAA Transportation 2026 in Hannover, Germany, from Sept. 14.

$SHEL
Asia Markets

European Equities Traded in the US as American Depositary Receipts Fall in Tuesday Trading

European equities traded in the US as American depositary receipts were tracking lower late Tuesday morning, declining 0.46% to 1,968.02 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biotech firm Evaxion (EVAX) and telecommunications company Nokia (NOK), which rose 2.6% and 6.5% respectively. They were followed by petroleum refiner Equinor (EQNR) and oil and gas company Eni (E), which were up 2.3% and 2.2% respectively.The decliners from continental Europe were led by biotech firm BioNTech (BNTX) and internet browser company Opera (OPRA), which fell 4.9% and 2% respectively. They were followed by biopharmaceutical companies argenx (ARGX) and Cellectis (CLLS), which were down 2.2% and 0.3%, respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and oil and gas company BP (BP), which increased 2% and 2.5% respectively. They were followed by mining company BHP Group (BHP) and oil and gas company Shell (SHEL), which advanced 3.4% and 2.5% respectively.The decliners from the UK and Ireland were led by software firm Endava (DAVA), which lost 6.2%. It was followed by biotech firm Autolus Therapeutics (AUTL) and pharmaceutical company Silence Therapeutics (SLN), which dropped 3.6% and 3.4% respectively.

$AKTX$ARGX$AUTL$BHP$BNTX$BP$CLLS$DAVA$E$EQNR$EVAX$NOK$OPRA$SHEL$SLN
Commodities

Market Chatter: Dangote's WAEP Hires 3 Rigs to Tap 1.6 Billion Barrels in Nigeria

Dangote's upstream oil company has contracted three jack-up rigs and plans to begin drilling in December as it moves to develop more than 1.6 billion barrels of oil in place across two Nigerian blocks acquired from Shell (SHEL).West African Exploration and Production Company expects to ramp up crude production and install infrastructure to monetize gas from the assets within 24 months, Managing Director and Chief Executive Officer Olajumoke Cecilia Ajayi said.Oil Mining Leases 71 and 72 contain more than 1.6 billion barrels of oil in place and about 1.9 trillion cubic feet of gas, based on discoveries made to date, Ajayi said.WAEP acquired a 45% working interest in the two blocks from the Shell joint venture in 2015. WAEP did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $92.95, Change: $+0.62, Percent Change: +0.67%

$SHEL
Sectors

Sector Update: Energy Stocks Softer Late Afternoon

Energy stocks declined late Friday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index was falling 1.2%, and the Dow Jones US Utilities Index was down 0.4%.Front-month West Texas Intermediate crude oil rose 0.1% to $91.40 a barrel, and the global benchmark Brent crude contract added 0.7% to $96.17 a barrel. Henry Hub natural gas futures advanced 1.1% to $2.95 per 1 million BTU.In corporate news, Shell (SHEL) and Equinor's (EQNR) Jackdaw gas field in the North Sea is expected to receive UK government approval for new drilling this month, news outlets reported. Separately, Morgan Stanley upgraded Shell to overweight from equalweight and lifted its price target to $101.30 from $81.60. Shell shares were up 0.8%, while Equinor was shedding 1.2%.TotalEnergies (TTE) shares were down 0.5% after Morgan Stanley downgraded the stock to equalweight from overweight.BP's (BP) "turnaround" is gaining momentum as stronger commodity conditions, asset sales and cost cutting are expected to accelerate debt reduction and improve the company's balance sheet, RBC Capital Markets said in a note, after hosting a session with BP CFO Kate Thomson. BP shares were up 0.6%.Dominion Energy (D) shareholders have given consent to the company to proceed with the planned merger with NextEra Energy (NEE), according to regulatory filings Thursday. Dominion shares were shedding 0.6%, and NextEra was down 0.9%.

$BP$D$EQNR$NEE$SHEL$TTE

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