Sector Update: Energy

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Energy stocks are higher today with the NYSE Energy Sector Index rising 0.4% while shares of energy companies in the S&P 500 are ahead 0.5% as a group. Crude oil for October delivery settled $1.17 lower at $105.42 per barrel. October natural gas added a penny to $3.74 per 1 million BTU.

In company news, Hercules Offshore Inc. ( HERO ) is up 0.7% at $7.64 a share, just a few pennies off its intra-day high after the shallow-water and marine services company today priced a $300-million private placement of 7.5% senior notes maturing in 2021 at par.

HERO said it plans to use the net proceeds from this offering, together with cash on hand, to fund a proposed tender offer and consent solicitation for its 10.50% senior secured notes due 2017 as well as redeeming any notes not purchased in the tender offer.

In other sector news,

(+) TPLM, Climbs to new 52-week high after today plans to expand its Caliber Midstream Partners pipeline network in North Dakota, including a a new pipeline with capacity to carry 50,000 barrels per day to a new storage facility in Alexander, N.D.

(-) ALJ, Closes on $150-mln private offering of convertible senior notes.



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: HERO

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