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The Zacks Analyst Blog Highlights: Exxon Mobil, LINN Energy, Patterson-UTI Energy, Western Refining and ConocoPhillips

For Immediate Release

Chicago, IL – September 24, 2014 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include the Exxon Mobil Corp. (XOM-Free Report), LINN Energy LLC (LINE-Free Report), Patterson-UTI Energy Inc. (PTEN-Free Report), Western Refining Inc. (WNR-Free Report) and ConocoPhillips (COP-Free Report).

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.

Here are highlights from Tuesday’s Analyst Blog:

Oil & Gas Stock Roundup

It was a week where Exxon Mobil Corp. (XOM-Free Report) struck a land swap deal with LINN Energy LLC (LINE-Free Report), while a unit of Patterson-UTI Energy Inc. (PTEN-Free Report) agreed to buy pressure pumping assets in Texas.

Overall, it was a mixed week for the sector. West Texas Intermediate (WTI) crude futures arrested the two-week losing streak, edging up 0.2% to close at $92.41 per barrel. However, natural gas prices slumped 0.5% over the period and ended the week at around $3.84 per million Btu (MMBtu).

Oil prices recovered somewhat on concerns about Libyan production and reports that OPEC might cut production next year. But the commodity’s plentiful inventory and weak demand continues to keep a lid on prices. Moreover, a stronger dollar made the greenback-priced crude dearer for investors holding foreign currency.

Meanwhile, natural gas retreated, as it had to deal with another above-average supply increase. The commodity was also pulled down by expectations of tepid electric power demand with forecasts of mild weather across most parts of the U.S.

Recap of the Week’s Most Important Stories

1. U.S. energy behemoth Exxon Mobil Corp. has entered into a non-monetary exchange agreement with oil and gas finder LINN Energy LLC to add 17,800 net acres in the Permian Basin to its U.S. oil and natural gas portfolio. Per the agreement, LINN Energy will receive interest in about 500 net acres from Exxon Mobil's South Belridge Field, near Bakersfield, CA. In exchange, Exxon Mobil will receive 17,000 net acres in the Midland Basin core area in west Texas and 800 net acres in the New Mexico Delaware Basin. Both acreage positions will be operated and developed by its wholly owned subsidiary XTO Energy. (Read More: Exxon Mobil in Non-Monetary Exchange Agreement with LINN.)

2. A subsidiary of the onshore contract driller, Patterson-UTI Energy Inc. has signed a deal with a private firm to acquire the latter’s pressure pumping assets located in Texas. The name of the firm and the financial details of the transaction have not been disclosed. Patterson-UTI added that the transaction adds to its portfolio 143,250 horsepower of hydraulic fracturing equipment. Moreover, it will create two additional operational bases for the company to support Eagle Ford and Haynesville’s activities. The agreement is anticipated to be complete within 90 days, subject to third-party approval and other customary closing conditions. (Read More: Patterson-UTI Subsidiary to Buy Pressure Pumping Assets.)

3. Oil refiner and marketer Western Refining Inc. (WNR-Free Report) announced that it has signed a deal with the energy major ConocoPhillips (COP-Free Report), to acquire the latter’s Wingate Fractionation Plant in Gallup, New Mexico. The transaction is anticipated to close in early next month. However, financial details of the agreement were not disclosed. The 25,000 barrel per day facility, which is currently idle, includes rail loading and offloading and storage facilities. The facility also has natural gas liquids (NGL) fractionation capability. (Read More: Western Refining to Buy Wingate Plant from ConocoPhillips.)

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.

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