Energy shares were mixed in pre-market trade Monday as crude oil
Light, sweet crude oil for August delivery was down 0.11% at
$100.72 per barrel. In other energy futures, heating oil was flat
at $2.86 per gallon while natural gas was down 0.48% at $4.13 per
million British thermal units.
In energy ETFs, the United States Oil Fund (
) was down 0.05% at $37.14. The United States Natural Gas ETF (
) was down 0.61% at $22.71.
In other energy news, oil and gas producer Whiting Petroleum (
) shares were up more than 4% after it said over the weekend that
it has signed a definitive agreement to buy energy company Kodiak
Oil & Gas (
) in an all-stock transaction valued at $6 billion, including
Kodiak's net debt of $2.2 billion as of March 31.
The merger is expected to create a Bakken/Three Forks producer
with over 107,000 barrels of oil equivalent per day of production
in Q1 2014, 855,000 combined net acres and an inventory of 3,460
net future drilling locations.
KOG was up 2.7% at $14.62 pre-market.
As agreed, Kodiak shareholders will receive 0.177 of a share of
Whiting stock in exchange for each share of Kodiak common stock
they hold, representing consideration to each Kodiak shareholder of
$13.90 per share based on the closing price of Whiting common stock
on July 11. This represents a premium of approximately 5.1% to the
volume weighted average price of Kodiak for the last 60 trading
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.