While the Cyprus debt debacle could spell more economic malaise, dampening demand for oil, U.S. crude prices held steady Monday. The global oil benchmark price fell.
Associated PressApril futures contracts on West Texas Intermediate crude rose 26 cents to $93.45 per barrel. More Europe-centric Brent crude prices fell 42 cents to $109.50. �Natural gas prices continued their ascent, up just more than a penny to $3.89 per million British thermal units.
It was not commodity prices directly, but projections for slowness in North America and trouble collecting payments from Venezuela’s state-owned oil company, that sent shares of Sclumberger (SLB) lower. The stock was down nearly 3%, or $2.27 cents, to $77.13.
The company made the professions at a Howard Weil energy conference in New Orleans; its presentation is �in this SEC filing.
Shares of other oilfield services companies also declined: Halliburton (HAL) was down 2.2%; �Weatherford (WFT), down 1.8%; �Baker Hughes�(BHI) was down nearly 2%�and Transcocean (RIG) �fell 0.34%.
Transocean said in a�prepared release Monday that its board rejected Carl Icahn’s proposal for a $4 per share dividend and his suggestions for three board appointees, saying the dividend proposal,
“would adversely affect the company’s ability to operate and compete effectively in a cyclical and capital-intensive industry. Further, the election of Mr. Icahn’s candidates — who are hand-picked to pursue his potentially damaging short-term agenda — is not in the best interest of the company and all of its stakeholders.”
Among other energy companies on the move: �shares of Consol Energy (CNX), the producer of coal and natural gas, rose 2.7%; there was otherwise a�dearth of news on the ticker.
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