Energy stocks are moderately higher today with the NYSE Energy
Sector Index rising about 0.4% and the S&P Energy Index gaining
about 0.6%. Crude oil for February delivery is down 11 cents to
$93.01 per barrel. February natural gas is down 5 cents at $3.19
per 1 million BTU.
In company news, Forest Oil (
) shares are ahead over 6% after the company said it is selling all
of its south Texas properties outside of the Eagle Ford Shale for
$325 million in cash, after taxes. The properties produced about 66
million cublic feet of natural gas per day during Q3 and contains
around 272 billion cubic feet of proved reserves at the end of
2011. The properties generated about $60 million of lease-level
income last year. FST will use sale proceeds to pay down debt. It
also retains all of its natural gas hedges.
In other sector news,
(+) CVA, (+0.8%, nearer year highs) Partners with Clean Energy
Fuels Corp. (
) to sell compressed natural gas at selected U.S. stations. CLNE is
up nearly 6%.
(+) QRE, (+1.1%) Acquires $145 million of oil properties in the
Jay field along the Florida Gulf Coast from its sponsor Quantum
(-) LPH, (-72.9%, hit new 52 week lows) Short-seller
Geoinvesting.com alleges the company "massively" overstates its
business operations "on an order of magnitude unmatched by any
China-based companies we have seen." Cites video surveillance of
Taiyuan and Gujiao storage facilities over seven-week period ended
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