Top Energy Stocks
Energy stocks are mixed in early pre-trade following a 0.27%
rise yesterday for the NYSE Energy index. The S&P Energy index
slid underwater just before the closing bell, finishing with a
0.07% decline. Crude oil is higher this morning, with the May NYMEX
contract up 56 cents to $103.27 a barrel. May natural gas is up a
penny at $1.99 per 1 million British thermal units.
In company news, Royal Dutch Shell (RDS-A) yesterday notified
the National Response Center of a light sheen in the Gulf of Mexico
between its Mars and Ursa production areas. It said there is no
current indication the sheen is originating from wells in either
project areas and the source of this sheen is unknown. Still, RDS-A
has activated the Louisiana Responder, a Marine Spill Response
QR Energy (
) last night priced a public offering of 6.202 million equity units
at $19.18 each, generating about $114.3 million in net proceeds for
the oil and gas exploration company after underwriting and other
offering expenses were deducted. Underwriters have up to 30 days to
exercise overallotment options, which if fully exercised, could
generate an additional $48.4 million in net proceeds for QRE.
QRE also offered nearly 11.3 million units on behalf of Quantum
Resources Funds, its one-time corporate parent that late last year
sold $577 million of natural gas and oil assets in the Permian
Basin near the joint borders of Texas, Louisiana, Arkansas and
Oklahoma. QRE did not receive any of the $216.6 million generated
by the sale of those equity units.
The company will use its proceeds to repay debt. QRE shares slid
2 cents to $19.16 each in after-hours trading Wednesday night.
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