Top Energy Stocks
Energy stocks were moderately higher today with the NYSE Energy Sector Index adding 0.4% while shares of energy companies in the S&P 500 were up 0.1% as a group. Crude oil for April delivery was down $1.11 at $97.78 per barrel while April natural gas was ahead 11 cents at $4.54 per 1 million BTU.
In company news, Chesapeake Energy Corp ( CHK ) shares gave up early gains, turning more than 1% lower Monday after the natural gas and oil company announced plans to spin off its Chesapeake Oilfield Operating LLC oilfield services unit through a tax-free transaction with shareholders.
Details - including potential terms and conditions of the proposed spinoff - will be contained in a Form 10 filing now pending with regulators. It also will provide additional information on the company, which will be changing its name Seventy Seven Energy Inc., such as financial performance, business and risk factors as well as likely company management.
CHK shares were down 1.4% at $24.68 each in recent trade, earlier climbing as high as $25.45 a share before turning south. The stock has a 52-week range of $18.21 to $29.06 a share.
In other sector news,
(+) ORIG, (-0.9%) Plans $500 mln private placement of senior notes due 2019. It will use proceeds from the offering to redeem all $500 mln of the company's outstanding 9.5% senior unsecured notes due 2016. The tender offer expires April 7.
(-) HNR, (-6.3%) Q4 net loss attributable to shareholders widens to $112.7 mln, or $3.02 per share, from $23.1 mln last year. Excluding the charges linked to a sale of assets in Venezuela and exploration costs, it lost $0.36 per share, missing analyst estimates for $0.10 profit.
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