Front-month West Texas Intermediate crude oil was falling 7 cents to $40.90 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was declining 30 cents to $43 per barrel. Henry Hub natural gas futures were 1 cents lower at $2.03 per 1 million BTU.
Among energy-related ETFs, the United States Oil Fund is dropping 1% while the United States Natural Gas Fund is advancing 2%. The Philadelphia Oil-Service Sector index is off 2.4%.
In company news, Oasis Petroleum (OAS) dropped 19.5% after saying it has begun a 30-day grace period to make good on missed interest payments that were due Sept. 15 on its 6.875% senior unsecured notes due 2022 and for its 2.625% senior unsecured convertible notes maturing 2023 while it continues talks with creditors about a potential financial restructuring agreement.
Noble Energy (NBL) was 1.6% lower, giving back a narrow mid-morning gain after proxy advisors Glass Lewis reportedly recommended shareholders support the company's sale to Chevron (CVX). The proposed $5 billion deal is "both strategically and financially compelling" to Noble shareholders, according to a Glass Lewis statement obtained by Reuters. Noble shareholders are scheduled to vote Oct. 2.
To the upside, Permian Basin Royalty Trust (PBT) rose 4.6% on Friday after the oil and natural gas producer declared a September cash distribution of $0.012354 per unit, up from $0.008863 per unit in August and payable Oct. 15 to investors of record on Sept. 30.
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