Energy stocks closed mostly lower, in line with the broader markets, led
downward by the equipment, service providers and drillers while pockets of
strength were experienced in the mid and small cap E&P space.

Halliburton fell 2% and ignited the sell pressure among the upstream
support companies after the company indicated at the Barclays CEO
Energy/Power Conference in New York that a decline in North American
drilling would cause lower third quarter regional revenue by 2.5-3
percentage points. The company also reiterated that high guar prices
would weigh on North American margins throughout the rest of this year.
Meanwhile, among smaller producers, shares of Stone Energy rose more than
1% even after the company lowered its oil and gas production forecast for
the third quarter due to Hurricane Isaac.

WTI crude oil fell $1.17 or 1.21% to $95.30 as weak U.S. manufacturing
data for August and a reported drop in construction spending in July
weighed on prices. However, Gulf Coast crude oil and refined fuel
production lost to Hurricane Isaac limited WTI’s losses as over 50 percent
of offshore output remains offline. Brent futures fell more steeply than
WTI as the euro slipped versus the dollar.

Natural gas futures gained $0.051 or 1.82%, to $2.850, extending gains for
the fourth straight session, as industrial demand returned after the long
U.S. Labor Day holiday weekend and on residual impact of storm activity.
"As the market recovers from the impact of Hurricane Isaac many traders
and investors are starting to look at the fact that even with only
preemptive shut-ins there is still an impact on supply as well as the
weekly inventory levels," said Energy Management Institutes' Dominick
Chirichella.

U.S. INTEGRATEDS

(Saturday) Reuters - Exxon Mobil Corp's joint-venture 192,500 barrel per
day (bpd) Chalmette, Louisiana, refinery began restarting on Friday after
being shut due to the threat of Hurricane Isaac, according to a notice the
refinery filed with federal pollution regulators.

INTERNATIONAL INTEGRATEDS

(Monday) Reuters - BP Plc on Sunday reported a flare gas recovery system
trip at its 406,570 barrels-per-day refinery in Texas City, Texas,
according to a filing with national pollution regulators.

Reuters - Gazprom, the world's biggest producer of natural gas, warned the
Russian government on Tuesday that it may delay new projects, especially
those in remote locations, if proposed tax increases make them
unprofitable.



Reuters - Gazprom said on Tuesday it has been in discussion with
Argentina's YPF over liquefied natural gas supplies.

Reuters - The European Commission has an opened an investigation into
Russia's Gazprom on concerns the natural gas giant is abusing its dominant
market position in central and eastern Europe, the EU regulator said on
Tuesday.

(Monday) Reuters - Italian energy group ERG said on Monday it had
completed the sale of a 20 percent stake in the ISAB refinery in Sicily to
Russian oil major Lukoil for 485 million euros.

(Monday) Reuters - Petrobras resumed production from the Cascade field in
the northern Gulf of Mexico on Friday, according to a statement the
company issued on Monday.

(Monday) Nomura lowered its rating on Repsol to ‘Neutral’ from ‘Buy’.

(Late Friday) Reuters - Royal Dutch Shell said on Friday it had restarted
its Houma-Houston pipeline and its joint-venture Motiva Enterprises
refinery in Convent, Louisiana, was restarting after Isaac.

(Late Friday) Reuters - Royal Dutch Shell will soon get a temporary air
permit to operate a drilling rig offshore Alaska, the Environmental
Protection Agency said, helping the company move closer to its
long-delayed goal of exploring for oil in the Arctic.

(Monday) Press Release - Shell Petroleum Development Company of Nigeria
Limited (SPDC), a subsidiary of Royal Dutch Shell plc, completed on August
31st 2012 the assignment of its 30% interest in Oil Mining Lease 40 in the
Niger Delta to Elcrest Exploration and Production Nigeria Limited. Total
cash proceeds for SPDC amount to some US$102million.

(Monday) Reuters - Royal Dutch Shell said it closed an oil pipeline
leading to a flow station in Nigeria, Africa's top oil producer, after a
leak was discovered.

Reuters - Authorities in Singapore have charged Royal Dutch Shell with
safety lapses leading to a major fire last year at the Anglo-Dutch giant's
500,000 barrels-per-day refinery in the city state.

Reuters - Royal Dutch Shell Plc's Sarnia-Lambton refinery was knocked
offline by a suspected lightning strike at around 8 a.m. EDT (1200 GMT),
according to a local media report.

(Monday) Press Release – Total announces the signature of an agreement
with PTTEP for the acquisition of a 40% interest in the Production Sharing
Contract covering the offshore Block M-11 in Martaban basin. PTT
Exploration and Production Plc., Thailand's national company, will retain
the operatorship. The block covers an area of 5,373 km², with a water
depth of 200 to 2,300 meters. The current exploration phase contemplates a
well to be drilled by Q3 2013.

CANADIAN INTEGRATEDS

Press Release - Cenovus Energy Inc. is producing oil from phase D at its
Christina Lake oil sands operation approximately three months ahead of
schedule and within budget. The company began injecting steam in the
second quarter of this year and began producing in late July. Production
at Christina Lake in August averaged more than 61,000 barrels per day
(bbls/d) gross, an increase of nearly 4,000 bbls/d when compared to
production in the second quarter. Christina Lake is operated by Cenovus
and jointly owned with ConocoPhillips.

U.S. E&Ps

(Monday) Reuters - ConocoPhillips said its Magnolia platform in the Gulf
of Mexico had resumed normal operations by Monday after being shut and
evacuated on Aug. 26 ahead of Hurricane Isaac.

(Late Friday) Press Release - Delta Petroleum Corporation, now renamed Par
Petroleum Corporation as described below, announced that as of today the
Company has consummated its third amended plan of reorganization with
Laramie Energy II, LLC as the sponsor. The implementation of the Plan, as
confirmed by the U.S. Bankruptcy Court on August 16, 2012, marks the
conclusion of the Company's financial restructuring, and the emergence of
Delta and eight subsidiaries (including Amber Resources Company of
Colorado ("Amber")) from Chapter 11. Delta and Amber's previously
outstanding common stock has been cancelled, and will no longer be traded.
In conjunction with the reorganization, Delta has been renamed Par
Petroleum Corporation.

Press Release - EXCO Resources, Inc. today announced that its Board of
Directors declared a third quarter cash dividend of $0.04 per share. The
dividend is payable on September 28, 2012 to holders of record on
September 14, 2012.

Press Release - McMoRan Exploration Co. today reported on the status of
its operations following Hurricane Isaac, which impacted Gulf of Mexico
operations prior to making landfall on the coast of Louisiana on August
28, 2012. Prior to the storm, McMoRan was engaged in recompletion
activities at Davy Jones No. 1 on South Marsh Island Block 230 and in
exploratory activities at Blackbeard West No. 2 on Ship Shoal Block 188
and Lineham Creek onshore in Cameron Parish, Louisiana. These rigs, which
were secured and evacuated for the storm, sustained no significant damage.
Rig crews have been re-mobilized following the evacuation and operations
have resumed.

Reuters - Marathon Oil Corp said on Tuesday that it had restarted
production and safely resumed normal operations from its Gulf of Mexico
assets after Isaac.

Press Release – Range Resources Corp today announced that its Board of
Directors declared a quarterly cash dividend on its common stock for the
third quarter. A dividend of $0.04 per common share is payable on
September 28, 2012 to stockholders of record at the close of business on
September 17, 2012.

Reuters - Stone Energy Corp, which stopped production at its Gulf of
Mexico facilities last week due to Hurricane Isaac, lowered its oil and
gas production forecast for the third quarter.

Reuters - Williams Cos Inc's Transco natural gas pipeline is restarting
operations after storm Isaac halted some flows last week, it said in
filings.

OIL SERVICES

Reuters - Halliburton Co. said a decline in activity in its home market
meant North American revenue would decline in the third quarter from the
second quarter.

DRILLERS

Press Release - Hercules Offshore, Inc. reported today that all of its
drilling rigs and liftboats located in the U.S. Gulf of Mexico have been
accounted for and re-manned. Based on preliminary crew inspections, there
does not appear to be any significant damage to the rigs or liftboats as a
result of Hurricane Isaac. The Company's facilities in Lafayette,
Louisiana also sustained no significant damage.

Press Release - Noble Corporation today reported that its seven active
rigs operating in the U.S. Gulf of Mexico sustained no damage as a result
of Hurricane Isaac. In preparation for the storm, the Company had
suspended operations on these rigs, with each unit generally operating at
a dayrate reduced to 90 percent to 95 percent of its full operational
dayrate through the seven-day duration of the event. All seven rigs have
redeployed crews and have now recommenced operations. Also, the deepwater
semisubmersible Noble Max Smith is currently undergoing a planned shipyard
program in Pascagoula, Mississippi. While this rig appears not to have
sustained damage from the hurricane, the Company expects that the rig may
experience 30 to 40 days of unpaid downtime due to a delay in mobilization
to Brazil. Upon commencement of mobilization, the unit is expected to
return to a mobilization dayrate of $170,000 per day.

REFINERS

Reuters - Marathon Petroleum Corp said on Tuesday its 490,000
barrel-per-day (bpd) refinery in Garyville, Louisiana, had returned to
normal operations.

(Late Friday) Reuters - Phillips 66 reported planned flaring at its
139,000 barrel-per-day Los Angeles-area refinery in Wilmington,
California, according to a filing with California pollution regulators.

(Sunday) Reuters - Phillips 66 said on Sunday most of the floodwater had
been cleared from the company's shut 247,000 barrel per day (bpd)
Alliance, Louisiana refinery, which was closest to the path of Hurricane
Isaac.

(Monday) Reuters - Phillips 66 reported that the coker unit at its
247,000-barrel-per-day Sweeny, Texas refinery, has been shut down for
scheduled maintenance on the wet gas compressor, according to a filing
with national pollution regulators.

Reuters - Phillips 66 reported that a leaking oil storage facility
released an unknown amount of oil into the facility and surrounding area
at its 247,000 barrel-per-day Alliance refinery in Belle Chasse,
Louisiana, according to a filing with national pollution regulators.

Reuters - Phillips 66's joint-venture 362,000 barrel-per-day (bpd) Wood
River refinery in Roxana, Illinois, reported a compressor shut down for
scheduled maintenance, according to a filing with state pollution
regulators.

(Sunday) Reuters - Tesoro Corp's 103,800 barrel per day (bpd) Los Angeles
refinery was hit by a power outage on Friday, according to a notices filed
with U.S. and California pollution regulators.

(Saturday) Reuters - The U.S. Energy Department said Valero Energy Corp's
205,000-barrel-per-day St. Charles refinery in Louisiana began restarting
on Saturday.

(Monday) Reuters - Valero Energy Corp said on Monday it would convert its
shuttered refinery on the Caribbean island of Aruba into a refined
products terminal.

MLPS

(Late Friday) Reuters) - West Shore Pipe Line Co said it replaced a
damaged section of its Midwest Badger refined products pipeline near Palos
Park, Illinois, a Chicago suburb, and expects to complete major
construction activities on Friday. The Buckeye Partners LP operated
pipeline company said its other regional pipelines will continue to
deliver products to its customers while the tests are conducted.

(Late Friday) Press Release - The Crosstex Energy companies, Crosstex
Energy, L.P. and Crosstex Energy, Inc., provided this update on the impact
and expected impacts of the slurry near Bayou Corne, Assumption Parish,
Louisiana, on the Partnership’s facilities and operations.

Press Release - Enterprise Products Partners L.P. today announced that
personnel have been redeployed to its onshore and offshore facilities
affected by Hurricane Isaac and the partnership has begun receiving, or is
capable of receiving feed from producers. Assessments of the partnership’s
offshore platforms that were evacuated prior to the storm have revealed no
significant damage. Onshore, natural gas processing facilities in South
Louisiana are all operational, as is the Acadian natural gas pipeline
system. In addition, Enterprise’s fractionators are either operating or
prepared to receive natural gas liquids (NGL). Third-party operators of
infrastructure that feeds Enterprise’s assets in South Louisiana are in
various stages of resuming operations as they address lingering high water
and power issues. The Dixie and Lou-Tex pipeline systems are operating
normally.

Press Release - Oiltanking Partners, L.P. today announced that the board
of directors of its general partner has approved a $70 million expansion
project to construct approximately 3.3 million barrels of new crude oil
storage capacity at its Houston terminaling facility. The project, named
Appelt II, will be located adjacent to Appelt I which was announced in
April 2012 and is currently under construction.

Press Release - Tesoro Logistics LP today announced that it intends to
offer $310 million aggregate principal amount of senior notes due 2020.
The Partnership intends to use the proceeds from the offering to fund its
acquisition of Tesoro Refining and Marketing Company's Long Beach marine
terminal and Los Angeles short-haul pipelines and to repay all of its
outstanding indebtedness under its revolving credit facility.