Energy stocks are mostly lower with the NYSE Energy Sector Index
sliding about 0.9% and the S&P Energy Index falling just over
1.0%. Crude oil for February delivery is up 10 cents to $93.19 a
barrel. February natural gas is ahead 4 cents at $3.33 per 1
In company news, Tesoro Corp. (
) is down about 4.7% at near $40.55 a share as analysts at Howard
Weil today dropped shares of the refinery and marketing company
from its Focus List with a new Outperform rating.
TSO also today amended a credit pact more than doubling its
borrowing capacity to as much as $4 billion. The debt pays interest
at 1.5 percentage points more than the London interbank offered
rate, according to a regulatory filing. The company expects to
repay $500 million of the expanded line within the next 18 months
along with another $500 million by January 2015. Its prior revolver
had a $1.85 billion capacity.
In other sector news,
(+) ES, (+8.3%) Accepts $3.75-a-share buyout from Energy Capital
Partners. The target company has until Feb. 6 to solicit superior
offers under "go-shop" provisions of the purchase agreement.
(+) CAK, (+1.5%) Signs drill contract with Transocean (
) for its Oyo #7 well off the coast of Nigeria. RIG shares are up
(-) WG, (-0.2%) Sells all of its interests in Oman to affiliates
of Interserve plc for $36 million.
(-) RDS.A, (-0.6%) Said its Kulluk oil-drilling ship that ran
aground Jan. 1 in Alaska has been refloated.
(-) FST, (-1.5%) Standard & Poor's maintains B+ credit
rating for the oil and gas company following its sale of properties
in south Texas for $325 million. Its outlook is stable, S&P
(-) TLM, (-2.2%) Cut to Hold from Buy at TD Securities. Price
target also lowered by $2 to $14 a share.
(-) GSE, (-3%, nearer 52 week lows) Selects J. Michael Kirksey
as its new chief financial officer. Kirksey previously was CFO at
Endeavour International Corp. (
). Also hires Valufinder Group to assist with identifying potential
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