Top Energy Stocks
OXY -1.7%, earlier hit fresh year highs
Energy stocks are lower with the NYSE Energy Sector Index (^NYE)
sinking about 0.6% and the S&P Energy Index (^IXE) falling
about 0.5%. Crude oil for July delivery (CLMN13.NYM) is down 94
cents to $92.67 per barrel while June natural gas (NGN13.NYM) is
flat at $4.02 per 1 mln BTU.
In company news, Constellation Energy Partners LLC (
) is up nearly 12% and nearer a year high $1.90 after retooling its
reserve-based credit facility maturing in May 2017 with a group of
three leners. The oil and gas company increased its borrowing base
under the facility by 47% to $55 mln, providing it with up to $21
mln in new borrowing capacity. The borrowing base will be
recalculated twice annually, with the next redetermination
scheduled during Q4.
In other sector news,
(-) EQT, (has turned slightly negative, after earlier hitting a
new year high of $83.33) Increases estimated ultimate recovery
rates for its natural-gas properties in the Marcellus formation of
southwestern and central Pennsylvania and northern West Virginia.
The company currently has 229 wells online throughout the region
with plans to drill 157 more wells this year. Eventually, EQT
expects to have 2,872 Marcellus wells operating.
(-) STO, (-0.7%, nearer year lows) Raised to Overweight from
Neutral at HSBC.
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