Top Energy Stocks
XOM +0.8%, has hit new year highs
Energy stocks are moderately higher today with the NYSE Energy
Sector Index rising 0.4% and the S&P Energy Index ahead 0.5%.
Crude oil for September delivery is up 51 cents to $94.84 a
In company news, Magnegas Corp (
) is down over 6% today at $3.05 a share after the
alternative-energy firm priced an upsized public offering of 2.85
million shares of common stock at $3 each.
The offering was expanded by 475,000 shares from its original
size and included 652,173 shares sold by Global Alpha LLC and its
principals and co-owners, Ruggero and Carla Santilli. MNGA and the
selling stockholders have granted underwriters a 45-day option to
purchase up to 427,500 additional shares to cover any
MNGA, which produces hydrogen-based fuels made from liquid
waste, began trading yesterday on the Nasdaq exchange. The stock
previous traded on the OTC bulletin board.
In other sector news,
(+) VQ, (+17.7%) Oil & gas firm rallies after would-be
merger partner - Denver Parent Corp - confirms "advanced
discussions" to secure $436.5 million financing package. Deal also
includes $210-million asset sale by VQ to Denver Parent Corp.
(+) RIG, (+4%) Said Sedco 714 unit won one-year contract
extension in the North Sea at a $395,000 dayrate, up 56% from prior
contract. Transocean John Shaw also rehired for another year with
13% dayrate hike. Deals boost backlog $275 million.
(+) RRC, (+2.9%) Analysts at Capital One say oil and gas
explorer likely takeover candidate, possibly fetching over $100 a
share from a prospective suitor.
(+) EC, (+1%) Said deep-water Parmer prospect #1 in the Gulf of
Mexico produced a 240-foot column of net condensate-rich gas pay,
including a 40-foot net oil pay. EC owns a 30% interest in the two
Parmer leases. Apache Corp (
) and Stone Energy (
) also hold stakes.
(+) BHP, (+1.2%) Said jobs could go at its Australian coal mines
because of deteriorating market conditions. "We don't intend to
provide any detail about specific adjustments, but clearly there
may be some impact on jobs in some areas," BHP said in a statement
emailed to Reuters.
(-) SSN, (-1.9%) Files shelf registration to sell up to $200
million of common or preferred shares, debt instruments or
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