The S&P Energy Index (+0.6%) is higher in late-morning trade and is currently outperforming modest gains in the broader market (+0.3%).
Sector News: GTE (+1%) formed a joint venture with PBR (+0.6%) and STO (+2.3%) whereby it will earn a 10% working interest in Concession Contract BM-CAL-7 and a 15% working interest in Concession Contract BM-CAL-10. MNEL (-7%) petitioned US regulator for RFS2 approval of its g-Palm biodiesel.
Broker Calls: ETP (+0.1%) was downgraded to Equal Weight from Overweight at Barclays. IHS (+2.7%) was upgraded to Overweight from Equal Weight at Morgan Stanley. CRZO (-0.7%) and KOG (+2.8%) were initiated with an Outperform at Oppenheimer. XEC (+1.7%) was initiated with a Perform at Oppenheimer. NOG (+3%) was initiated with a Market Perform at BMO Capital.






