Oil stocks see broad selloff as Chevron’s buyout of Hess fails to fuel buying

Shares of energy companies traded broadly lower in premarket trading Monday, as the Chevron Corp.’s $53 billion stock deal to buy Hess Corp. appeared to do more harm than good for the sector. The Energy Select Sector SPDR ETF XLE, -1.68% dropped 0.9%, with 20 of the 22 equity components that have traded ahead of the open losing ground. In comparison, futures ES00, -0.52% for the S&P 500 SPX, -1.26% were down 0.5% and crude oil futures CL.1, -0.66% fell 0.7%. Hess’ stock rose just 0.

6% despite the buyout, as the fact that it was a stock deal sent Chevron’s stock falling 2.7% to pace the energy ETF’s decliners. The only other gainer in the ETF was Williams Companies Inc.’s stock WMB, -1.83%, which gained 0.9% but on very light volume. Among other more-active ETF components, shares of Occidental Petroleum Corp. OXY, -1.93% shed 1.1%, Exxon Mobil Corp.’s XOM, -1.72% stock gave up 0.7% and Marathon Oil Corp. shares MRO, -2.40% slid 1.5%. Shares of Pioneer Natural Resources Co.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chevron buys Hess for $53 billion as the biggest US oil companies get even biggerFOX43 spoke to Harrisburg resident Nabila Taha about Sunday's rally at the state Capitol and ongoing support for Palestinians. See the full interview here.
Source: fox43 - 🏆 564. / 51 Read more »

Chevron to buy Hess Corp. for $53 billion; company eyeing Guyana oil fieldsChevron will buy Hess for $54 billion.
Source: KIRO7Seattle - 🏆 271. / 63 Read more »

Chevron buys Hess for $53 billion as the biggest US oil companies get even bigger“Everyone that Jake met, he lit up the room with them. He made an impact. They fed off his energy and his love and compassion,' Jake Todd's brother Bryan said.
Source: 9NEWS - 🏆 238. / 63 Read more »

Chevron buys Hess for $53 billion as the biggest US oil companies get even biggerAs we get closer to Halloween, we wanted to check some of the spookiest spots in Texas.
Source: KHOU - 🏆 330. / 59 Read more »

Chevron to buy Hess for $53 billion as the biggest US oil companies get even biggerChevron is buying Hess Corp. for $53 billion as the biggest U.S. oil companies use a recent windfall in profits to buy up smaller competitors. The Chevron-Hess deal comes on the heels of Exxon’s agreement to acquire Pioneer Natural Resources for about $60 billion.
Source: AP - 🏆 728. / 51 Read more »