Energy Stocks, Crude Oil Tumbling; Constellation Energy Climbing To the Stars After Re-Financing Deal

By Staff,

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Top Energy Stocks

XOM -0.26%

CVX -0.22%

COP +0.22%

SLB -0.88%

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 ( CEP ) 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CEP

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