Energy Stocks Rising - Triangle Petroleum Plans Expansion of North Dakota Pipeline System; Shrs Hit 52 Week Highs


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Top Energy Stocks

XOM +0.5%

CVX +0.4%

COP +0.5%, hit 52 week highs

SLB +0.9%, also hit 52 week highs

OXY +1.4%

Energy stocks are higher today with the NYSE Energy Sector Index rising and shares of energy companies in the S&P 500 ahead 0.5% as a group. Crude oil for October delivery is down 88 cents at $105.71 per barrel. October natural gas is up 3 cents to $3.74 per 1 million BTU.

In company news, Triangle Petroleum Corp ( TPLM ) is up 3% to $9.38 a share, earlier setting a new a 52-week high of $9.50 after today announcing plans with First Reserve's energy-Infrastructure fund, its joint venture partner in Caliber Midstream Partners LP, to expand the pipeline partnership's midstream and infrastructure system.

The expanded Caliber system will service all TPLM-operated acreage in McKenzie County, N.D. The expansion service lines will include crude oil stabilization and transportation, water transportation and disposal as well as freshwater delivery services. It also includes a new pipeline with capacity to carry 50,000 barrels per day from Caliber's central facility to Alexander, N.D., where the company plans to build a 40,000-barrel crude oil storage facility.

The expansion project is expected to be completed by next June.

In other sector news,

(+) APA, (+1.7%) Raised to Outperform from Market Perform at Oppenheimer, which also set a $100 a share price target.

(-) ALJ, (-1.6%, hit fresh 52 week lows) Closes on $150-mln private offering of convertible senior notes.

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

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

This article appears in: Investing Commodities
Referenced Stocks: TPLM

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