Energy Stocks Posting Small Gains; Forest Oil Sells Non-Eagle Ford Shale Assets in Texas


Top Energy Stocks

XOM +0.01%

CVX +0.2%

COP +0.4%

SLB +0.3%

OXY +1%

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 ( FST ) 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. ( CLNE ) 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 Resources Funds.

(-) LPH, (-72.9%) Short-seller 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.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CLNE , FST

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