Energy stocks are higher today with a big assist from rising
crude oil prices. The S&P Energy Index is up about 0.3% shortly
before the close, while the S&P Energy Index is ahead 0.6% this
afternoon. Crude oil for November delivery extended its gains this
afternoon, climbing over 3% to settle at $92.36 a barrel. November
natural gas reversed its earlier losses and was up 8 cents at $3.49
per 1 million BTU.
In ETF action, the U.S. Oil Fund (
) is up $1, or about 3%, to $34.22 and the U.S. Natural Gas Fund
has fallen 28 cents, or about 1.3% to $21.58.
In company news, Penn Virginia Corp (
) is down more than 16% shortly before the close after starting
concurrent underwritten public offerings of 12 million shares of
common stock and $50 million of depositary shares. The oil and gas
company will use net proceeds from the offerings to repay its
revolving credit facility and for general corporate purposes.
In other sector news:
ROYL - Property owner next to its North Slope acreage in Alaska
is seeking approval to modify its orginal plans by extending the
15-day test period to 180 days and up to 1,000 barrels of oil per
CLR - Details plans to triple production and proved reserve over
the next five years.
PXD - Analysts at Wells Fargo initiate coverage of the oil and
gas company with an outperform rating and a price target range of
$122 to $126 a share.
CAK - Hires Axxis Petroconsultants Ltd. as project manager for
the drilling of Oyo #7 deepwater well offshore Nigeria scheduled to
spud early next year.
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