Energy Stocks Higher Today; Tesoro to Build Rail-to-Ship Terminal for Crude Oil in Vancouver, Wash.


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Energy stocks are higher today with the NYSE Energy Sector Index rising nearly 1.0% and the S&P Energy Index also up just under 1.0%. Crude oil for May delivery is 14 cents higher to $88.90 per barrel. May natural gas is ahead 4 cents at $4.31 per 1 mln BTU.

In company news, Tesoro Corp ( TSO ) is up 4.5% after the refiner announced a joint venture with the Savage Cos. to build and operate an unloading and marine loading facility in Vancouver, Wash., for crude oil shipped by rail.

The new facility, slated to open by 2014, is projected to initially be able to handle around 120,000 barrels of oil per day and eventually expanding to around 280,000 barrels. The partnership will execute a lease agreement with Port of Vancouver authorities for the property, expected to have a 10-year term to begin.

Overall cost of the terminal is estimated to be between $75 mln to $100 mln.

In other sector news,

(+) NBL, (+1.8%) Plans 2-for-1 split of its common stock in the form of a stock dividend to be distributed on May 28 to shareholder of record on May 14. The oil and gas company also raised its quarterly dividend by $0.03 to $0.28 per share, payable May 20 to shareholders of record on May 6.

(-) BKEP, (-0.7%) Increases quarterly distribution by 2.2% over the previous payout to $0.1175 per unit, payable May 15 to unitholders of record on May 3. The pipeline company also will $0.17875 for each of its preferred units.

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

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This article appears in: Investing Commodities
Referenced Stocks: TSO

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