Energy Stocks Retreat; Crestwood Midstream Acquires Processing Business from Devon Energy for $90 Million


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Energy stocks are mostly lower today as European debt worries undercut demand expectations. The NYSE Energy Sector Index is down about 1.6% while the S&P Energy Index is down nearly 1.9%. Crude oil for September delivery is up 52 cents at $88.66 a barrel. August natural gas is up 2 cents at $3.14 per 1 million BTU.

In company news, shares of Crestwood Midstream Partners LP ( CMLP ) are down nearly 7% at $27 apiece after last night moving to acquire gathering and processing assets in the Barnett Shale play from Devon Energy Corp. ( DVN ) for $90 million. The deal is expected to close during Q3.

The companies also struck a 20-year, fixed-fee gathering, processing and compression agreement with CMLP taking over processing of DVN's natural-gas production in north-central Texas. DVN currently is producing about 95 million cubic feet of natural gas per day on its 20,500 acres in the Barnett Shale.

In other sector news,

(-) NBL, (-0.7%) Selling 250 wells producing about 1,500 barrels of oil equivalent per day in the Permian Basin of western Texas to Sheridan Holding Company II LLC of Houston for $320 million.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: CMLP , DVN

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