Sector Update: Energy

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Energy stocks are higher, with the NYSE Energy Sector Index gaining 0.5% while shares of energy companies in the S&P 500 are up 0.1% as a group. Crude oil for December delivery is down 5 cents at $93.71 per barrel while December natural gas is up 4 cents to $3.64 per 1 million BTU.

In company news, WPX Energy ( WPX ) is up 0.3% at $18.44 a share this afternoon, giving back most of a 4.2% advance after the oil and gas company late Thursday announced plans to form a master limited partnership, WPX Energy Partners LP, during the first half of 2014.

WPX expects to offer a yet-to-be-determined number of common equity units representing limited partner units in the limited partnership, which will hold working interests in mature, producing natural gas properties in Colorado's Piceance Basin.


The company will file a registration statement early next year for an initial public offering of the common units, with proceeds slated to fund ongoing operations, repay debt and for general corporate purposes.

In other sector news,

(+) LINE, (+1.9%) SEC declares its S-4 filing effective, allowing the firm and holding company LinnCo ( LNCO ) to begin mailing proxy materials in support of its proposed $4.9-bln buyout of Berry Petroleum ( BRY ). Sets Dec. 16 for shareholder votes on the deal.

(+) XOM, (+1.2%) Berkshire Hathaway (BRK-A) discloses $3.7-bln stake in the energy major, buying 40.1 million shares during Q3, according to a new regulatory filing last night. It's BRK's largest new holding since buying IBM ( IBM ) in 2011.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: BRY , IBM , LNCO , WPX

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