Energy stocks are higher, with the NYSE Energy Sector Index
rising 0.6% while shares of energy companies in the S&P 500 are
up about 0.7% as a group. Crude oil for November delivery is up 21
cents at $103.53 per barrel while November natural gas is up 1 cent
to $3.51 per 1 million BTU.
In company news, Anadarko Petroleum Corp (
) is up nearly 1% at $93.83 a share, climbing as high as $94.04
after late Thursday pulling all of its crews on four drill
platforms in the Gulf of Mexico ahead of Tropical Storm Karen.
The closed platforms include APC's natural gas-only Independence
Hub, which can produce up to 1 billion cubic feet of natural gas
BHP Billiton (
) also has shut down operations at two platforms in the storm path
while Williams Cos (
) also has closed its 500 million cubic feet per day Canyon Station
shallow-water gas platform. BHP shares are narrowly higher this
afternoon, while WMB is down about 0.6%.
According to latest National Hurricane Center forecast at 11
a.m. ET, Karen had weakened slightly with winds around 45 knots,
with most models projecting sub-hurricane strength. The storm path
also has shifted slightly more to the west, which would keep Karen
in the heart of the Gulf gas and oil production until coming ashore
In other sector news,
(+) TLM, (+2.5%) Shakes off any ill effect of Fitch's Ratings
reducing outlook for the oil and gas company to negative from
stable while setting a BBB long-term issuer default rating on its
senior unsecured notes and unsecured revolvers.
(-) FST, (-5.8%) Reverses early gains that followed the firm's
selling oil, gas assets in the Texas Panhandle to Templar Energy
LLC for $1 billion. The properties produced about 100 million cubic
feet of natural gas per day with 12-month EBITDA of around $180
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