Top Energy Stocks
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. (
) 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 (
) 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
(-) 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.