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 below $86 a barrel. Light, sweet
crude oil for March delivery traded down $0.06, or 0.07%, to $85.51
a barrel. 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.
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