Referenced Stocks

Energy Stocks Mostly Higher Even as Crude Turns South; Cheniere Slumps on Upsized Stock Offering

By Midnight Trader,  July 17, 2012, 12:53:34 PM EDT

Top Energy Stocks

XOM +0.3%

CVX +0.07%

COP +0.9%

SLB +1.1%

OXY +0.08%

Energy stocks are mostly higher with the NYSE Energy Sector Index climbing around 0.2% while the S&P Energy Index has risen about 0.5%. Crude oil for August delivery is down around 20 cents at $88.22 a barrel. August natural gas is slightly ahead at $2.82 per 1 million BTU.

In company news, Cheniere Energy Inc. ( LNG ) shares are down nearly 5% today after the liquid natural gas transporter priced its offering of 28 million shares at $14.05 each. The company increased the size of the offering by 40%, adding an extra 8 million shares. Underwriters also received options to purchase an additional 4.2 million shares over the next 30 days to cover any over-allotments.

The offering, slated to close on Friday, generated $393.4 million in gross proceeds. A portion of those new funds is slated to repay the remaining $204.6 million owed on LNG's 2.25% convertible notes due Aug. 1, as well as capital spending on the Creole Trail pipeline and other corporate purposes.

In other sector news,

(+) MMR, (+6%) Reports wider-than-expected $0.47 a share Q2 net loss vs. $0.13 in Street call. $90.3 million in sales lagged analyst forecasts by $6.25 million.

(-) BTU, (-2%) Signed long-term agreements with Kinder Morgan Energy Partners ( KMP ) to expand the Gulf Coast export platform for its Powder River Basin and Illinois Basin coal products.

(-) PVA, (-1.9%) Sells all but its Marcellus Shale assets in the Appalachian region of the U.S. for $100 million to unidentified buyer.

(-) MILL, (-6.6%) Q4 net loss expands to $0.20 a share from $0.05 in year-ago quarter.

(+) NBR, (+4%) Expects Q2 operating income of $220 million to $230 million, missing consensus estimates, due to rising costs.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: KMP, LNG



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