Energy stocks are lower ahead of the starting bell this morning
and following a 0.06% decline for the NYSE Energy Sector Index
during Thursday's regular session.
Crude futures are lower today with the NYMEX March contract off
$1.29 at $98.56 a barrel while Brent March futures are down 1.45%
at $116.89 a barrel, just off its session lows. March natural gas
is up 4.2 cents at $2.519 per 1 million British Thermal Units.
In company news, Pacific Ethanol (
) rose 2.54% in late Thursday trade after announcing a deal raising
$8 million for the ethanol producer through a sale of about 6.4
million shares of stock to a group of institutional investors. PEIX
intends to use $4.6 million of the net proceeds to purchase an
additional 7% ownership stake in New PE Holdco, the owner of the
four Pacific Ethanol production facilities, boosting its overall
stake to 34%.
Also, EV Energy Partners (
) fell 4.09% in after hours trading last night after the oil and
gas exploration company announced plans to sell 3.2 million common
equity units to repay indebtedness under its existing revolving
credit facility. Underwriters also will have 30 days to purchase up
to 480,000 additional units to cover overallotments.
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