Top Energy Stocks
Energy stocks are mostly higher, with the NYSE Energy Sector
Index adding 0.7% while shares of energy companies in the S&P
500 are up nearly 0.9% as a group. Crude oil for October delivery
is down 91 cents at $101.42 per barrel while October natural gas is
up 7 cents to $3.63 per 1 million BTU.
In company news, Edgen Group (
) is sharply higher, last up more than 56% at $11.89 a share after
agreeing to a cash buyout offer from Sumitomo Corp. of America of
$12.00 per share.
The acquisition is expected to close before the end of 2013.
"The investment in Edgen Group will represent further expansion
of Sumitomo's distribution presence across the upstream, midstream
and downstream oil and gas markets," according to CEO Kazuhiro
Takeuchi in prepared remarks.
In other sector news,
(-) BPZ, (-0.3%) Restarts drilling at Albacora field platform
off the Peru coast with completion of the 12,000-foot subsea well
expected in 12 weeks.
(-) HDY, (-9.1%) Discloses it received a Department of Justice
subpoena requesting documents linked to the company's effort to
secure a production-sharing contract in offshore Guinea and
possible violations of anti-bribery and money-laundering
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