COM - M&A animal spirits helps sends shale names energy sector higher

In what would be continued consolidation in the roughed-up Permian shale space, Concho Resources is up nearly 12% on a report it's near a deal to be acquired by ConocoPhillips.This follows the recent closing of Chevron's purchase of Noble Energy.Checking the Peer page for Concho finds plenty of green: Pioneer Natural Resources ([[PXD]] +3.1%), Cimarex Energy ([[XEC]] +4.7%), Parsley Energy ([[PE]] +6.1%), Continental Resources ([[CLR]] +2.7%), Apache ([[APA]] +5.1%), SM Energy ([[SM]] +3.7%), Laredo Petroleum ([[LPI]] +3.3%), Matador Resources ([[MTDR]] +4.7%).The Energy Select SPDR ([[XLE]] +1.8%) is nicely outperforming a flat S&P 500.Checking the price of WTI crude oil (CL1:COM): Up 1.5% to $40.81 per barrel.

For further details see:

M&A animal spirits helps sends shale names, energy sector higher