Top Energy Stocks
Energy stocks were still adding to their earlier gains with the
NYSE Energy Sector Index rising 0.9% in late trade while shares of
energy companies in the S&P 500 also were up 0.9 % as a group.
Crude oil for June delivery settled $1.74 higher at $104.07 per
barrel while June natural gas fell 8 3 cents to finish at $4.47 per
1 million BTU.
In company news, BP Plc (
) shares climbed to a new 52-week high Wednesday after saying said
it will ask the U.S. Supreme Court to review a recent appeals court
ruling allowing some business to collect damages from the company
with first needing to prove the 2010 Gulf of Mexico oil spill
caused their losses.
The 5th U.S. Circuit Court of Appeals on Monday declined to
change a March ruling from a three-judge panel over how to
"No company would agree to pay for losses that it did not cause
and BP certainly did not when it entered into this settlement," the
company said in prepared remarks, adding it will ask the 5th
Circuit to suspend the economic-loss payments during its
BP shares were up 1.2% at $51.54 each shortly before the closing
bell, just 2 cents off its new 52-week high. The stock has risen
about 24% over the past year.
In other sector news,
(+) END, Talisman Group withdraws its director candidate and
will support a management nominee previously proposed by the
private investment firm. Also, says East and West Rochelle wells
now flowing together. END owns 44% stake in both wells.
(-) MEIL, Prices underwritten public offering of 2.5 mln shares
of its common stock at $2.00 apiece - a nearly 30% discount to
Tuesday's closing price. Proceeds will be used for improvements at
the company's Sombra bio-diesel plant.