Energy Stocks Little Changed; Lucas Energy Rising on JV Agreement to Work Eagle Ford in Texas


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Top Energy Stocks

XOM -0.4%, from near year highs

CVX +0.2%

COP -0.37%

SLB -0.04%

OXY -1.7%

Energy stocks are little changed in mid-day trading with the NYSE Energy Sector Index up less than 0.1% and the S&P Energy Index down about 0.2%. Crude oil for November delivery is down 13 cents at $92.35 a barrel. November natural gas is flat today at $3.48 per 1 million BTU.

In company news, Lucas Energy ( LEI ) is higher today, rising about 4% after executing a term sheet offer for a joint venture with Milestone Energy LLC to develop oil and gas properties in the Eagle Ford/Austin Chalk Trend in Texas.

Milestone will contribute 80% of project costs, with the company expecting to spend as much as $100 million.

In other sector news,

(+) BAS, (+2.3%) Priced an upsized $300 million private offering of 7.750% senior notes due 2022.

(+) STO, (+0.4%) Expected to invest about $7 billion in the Snoehvit natural gas field in Arctic, according to Reuters, citing a company spokesman.

(+) VNR, (+0.1%, near year highs) Begins $200 million public offfering of 7.875% senior notes due 2020. The company previously offered and sold $350 million of the notes in April.

(-) EQU, (-2.6%) Selling some of its properties in Alberta for $17.4 million.

(-) LPI, (-1.9%) Registered to sell up to 12.5 million shares of its common stock on behalf of a selling shareholder.

(-) GEL, (-3.4%) Starts underwritten secondary public offering of 6 million equity units by Quintana Capital Group II L.P. and other unitholders.

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: LEI

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