The S&P Energy Index (-3.0%) is lower this morning and is currently underperforming the broader market weakness (-2.3%).
Sector News: VLO (-1.8%) announced it agreed to acquire MUR's (-2.5%) Meraux, La. refinery and related logistics assets for $325 million plus inventories currently estimated at $300 mln. TRP (-0.3%) announced an application was filed with the National Energy Board for approval of a comprehensive proposal to restructure services and tolling on TransCanada's Mainline. BTU (-5.7%) announced that it expects production at its North Goonyella Mine in Queensland to resume in four to six weeks, following a mid-August roof fall at the mine. The co estimates a Q3 2011 EBITDA impact of up to $125 mln with full-year effects of up to $175 mln. HAL (-2.4%) filed claims against BP (-2%) in Texas state court for negligent misrepresentation, business disparagement and defamation related to the April 20, 2010, Macondo incident. COP (-2.4%) was ordered by China's State Oceanic Administration to suspend production activities at the Peng Lai 19-3 field in Bohai Bay, pending certain steps. COP China is developing a compliance plan with its co-venturer in the field, China National Offshore Oil, and will be submitting it to SOA shortly.
Broker Calls: No notable broker calls.






