Top Energy Stocks
Energy stocks are narrowly mixed, with the NYSE Energy Sector
Index declining 0.1% while shares of energy companies in the
S&P 500 are up 0.2% as a group. Crude oil for January delivery
is down 20 cents at $93.89 per barrel while December natural gas is
down 3 cents at $3.76 per 1 million BTU.
In company news, Jones Energy Inc. (
) is up 6.7% at $14.80 a share, putting further distance from its
recent 52-week low of $13.15 after late Monday announcing a deal to
purchase producing and undeveloped oil and gas assets in the
Anadarko Basin from an unidentified privately held firm for $195
JONE executives said they expect the deal to be "significantly"
accretive to FY14 earnings.
Included in the acquisition are about 26,000 net acres and 92
producing wells in the Cleveland, Tonkawa and Marmaton plays in the
Texas Panhandle and western Oklahoma. The properties are estimated
to have proved reserves of 14.3 million barrels of oil equivalent
and contain around 225 additional drilling locations. Current
production on the acquired properties is averaging about 3,400
barrels per day.
In other sector news,
(+) EOG, (+1.2%) Recommends shareholders reject unsolicited
"mini-tender" offer by TRC Capital Corp to purchase up to 1 mln EOG
shares at $162.75 each - or more than 4% under the stock's closing
price on Nov. 14, the day before the company received the
(+) LPI, (+0.1%) Discloses plans to merge with its wholly-owned
Laredo Petroleum Inc. unit and buying back all $500 mln of its
7.375% senior notes due 2022 and $550 mln of 9.5% senior notes due
2019 at 101% of their principal amount.
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