Top Energy Stocks
Energy stocks are moderately higher today with the NYSE Energy
Sector Index rising about 0.4% and the S&P Energy Index gaining
about 0.6%. Crude oil for February delivery is down 11 cents to
$93.01 per barrel. February natural gas is down 5 cents at $3.19
per 1 million BTU.
In company news, Forest Oil (
) shares are ahead 6% after the company said it is selling all of
its south Texas properties outside of the Eagle Ford Shale for $325
million in cash, after taxes. The properties produced about 66
million cublic feet of natural gas per day during Q3 and contains
around 272 billion cubic feet of proved reserves at the end of
2011. The properties generated about $60 million of lease-level
income last year. FST will use sale proceeds to pay down debt. It
also retains all of its natural gas hedges.
In other sector news,
(+) CVA, (+1%, nearer 52 week highs) Partners with Clean Energy
Fuels Corp. (
) to sell compressed natural gas at selected U.S. stations.
(+) QRE, (+1.1%) Acquires $145 million of oil properties in the
Jay field along the Florida Gulf Coast from its sponsor Quantum
(-) LPH, (-72.9%) Short-seller Geoinvesting.com alleges the
company "massively" overstates its business operations "on an order
of magnitude unmatched by any China-based companies we have seen."
Cites video surveillance of Taiyuan and Gujiao storage facilities
over seven-week period ended Dec. 13.
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