Energy stocks are narrowly lower, with the NYSE Energy Sector
Index falling 0.2% while shares of energy companies in the S&P
500 are down 0.3% as a group. Crude oil remains under hard selling
pressure, with October futures falling $2.43 to $107.09 per barrel.
October natural gas is off 4 cents to $3.57 per 1 million BTU.
In company news, EXCO Resources (
) is down more than 3% at $7.05 a share despite raising its
guidance for FY13 adjusted EBITDA guidance by $15 million to $450
The oil and gas company initially forecast EBITDA of $296
million for the current fiscal year, raising it to $341 million
when it released its fiscal Q2 financial results and again to $435
million when it reported its Q3 results to account for the
company's recent acquisition of properties in Eagle Ford and
Haynesville shale formations.
Also contributing to the improved guidance was the decision by
BG Group plc not to acquire 50% of the producing and undeveloped
oil and gas assets in the Haynesville shale formation. XCO had
closed on that acquisition on July 12, paying $288 million.
In other sector news,
(-) NSH, (-4.4%) Shares slide to new new 52-week low after
analysts at Credit Suisse lowered their rating for the oil and gas
pipeline company to Underperform from Neutral.
(-) NRGM, (-6.1%) Prices public sale of 11 mln shares at $22.50
each. Underwriters also received 30-day option to buy up to 1.65
mln additional shares. Net proceeds will be used to repay debt and
to fund ongoing expansion projects.
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