Energy stocks are higher, with the NYSE Energy Sector Index
gaining 0.5% while shares of energy companies in the S&P 500
are up 0.1% as a group. Crude oil for December delivery is down 5
cents at $93.71 per barrel while December natural gas is up 4 cents
to $3.64 per 1 million BTU.
In company news, WPX Energy (
) is up 0.3% at $18.44 a share this afternoon, giving back most of
a 4.2% advance after the oil and gas company late Thursday
announced plans to form a master limited partnership, WPX Energy
Partners LP, during the first half of 2014.
WPX expects to offer a yet-to-be-determined number of common
equity units representing limited partner units in the limited
partnership, which will hold working interests in mature, producing
natural gas properties in Colorado's Piceance Basin.
The company will file a registration statement early next year
for an initial public offering of the common units, with proceeds
slated to fund ongoing operations, repay debt and for general
In other sector news,
(+) LINE, (+1.9%) SEC declares its S-4 filing effective,
allowing the firm and holding company LinnCo (
) to begin mailing proxy materials in support of its proposed
$4.9-bln buyout of Berry Petroleum (
). Sets Dec. 16 for shareholder votes on the deal.
(+) XOM, (+1.2%) Berkshire Hathaway (BRK-A) discloses $3.7-bln
stake in the energy major, buying 40.1 million shares during Q3,
according to a new regulatory filing last night. It's BRK's largest
new holding since buying IBM (
) in 2011.
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