Top Energy Stocks
XOM +0.8%, near year highs
CVX +0.8%, near year highs
Energy stocks are mostly higher today with the NYSE Energy
Sector Index rising about 1.1% and the S&P Energy Index
climbing 1.2%. Crude oil for November delivery is up 38 cents at
$92.57 a barrel. November natural gas is up 11 cents at $3.43 a
In company news, PostRock Energy (
) shares are now down about 0.6% at $1.70 apiece - above a day low
$1.67 and a day high $1.88 at the open - after the company late
Friday sold its KPC Pipeline, a 1,120-mile interstate pipeline
transporting natural gas from northern Oklahoma and western Kansas
to Wichita and Kansas City, to MV Pipelines, LLC for $53.5 million
Under the agreement, PSTR may receive additional payments of $1
million a year over each of the next four years if KPC's EBITDA
exceeds a target amount. The sale is subject to a working capital
adjustment. The sellers also will be place $100,000 in escrow
pending cleanup of a former KPC site.
After deducting for about $2 million in estimated transaction
costs, the company will record a loss on the sale of about $6
million. Net proceeds from the sale will be used to repay
borrowings under the PSTR's credit facility.
In other sector news,
(+) RIG. (+4.1%) Brazilian court overturns an injunction
threatening to halt off-shore drilling by the rig operator,
accepting arguments an injunction would have caused billions of
dollars in lost revenue for the government and the state-led oil
firm Petrobras (
(+) GDP, (+3.4%) Closed on $95-million sale of non-core
properties in the South Henderson field in eastern Texas to
Memorial Resource Development LCC.
(-) IOC, (-0.3%, turns negative) Begins drilling on the
Antelope-3 appraisal well in Petroleum Retention License 15 in
Papua New Guinea.
(+) RDS-A, (+0.4%) Shut down its Bonny oil pipeline in Nigeria,
deferring about 150,000 barrels of daily production after oil
thieves set fire to the 28-inch trunkline.
(-) PVA, (-2%) Closes on new five-year, $300-million senior
secured revolving credit facility. Accordion feature allows for up
to $300 million more of borrowing capacity.
(-) NOG, (-2.6%) Company President Ryan Gilbertson resigns,
effective Oct. 1, but will continue as advisor to the board of
directors through October 2014.