NYMEX Benchmark Crude March: -$0.06 (-0.07%) to $85.51
Top Energy Stocks
Energy shares are higher in mid-day trading but crude oil
futures are slipping as concerns over political issues in Egypt
ease. The March crude contract is down below $86 a barrel.
Light, sweet crude oil for March delivery is trading down $0.06,
or 0.07%, to $85.51 a barrel. In other energy futures, heating oil
was up 2.36% to $2.75 a gallon while natural gas is up 0.05% to
$3.91 per million British thermal units.
In energy ETFs, the United States Oil Fund (
) is up 0.47% to $36.22. The United States Natural Gas ETF (
) is up 0.28% to $5.32.
In sector news Seahawk Drilling (
) is sharply lower after it said it has filed for bankruptcy
protection and plans to sell its fleet of offshore drilling rigs to
Hercules Offshore (
) for $105 million.
Hercules Offshore plans to buy Seahawk's assets with 22.3
million shares of its stock, $25 million in cash to retire Seahawk
debt and additional cash for working capital. The sale is seen
closing in Q2.
Seahawk shares are down 42.28% to $4.56. Hercules shares are up
18.9% to $4.31.
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