Energy stocks are narrowly mixed, with the NYSE Energy Sector
Index inching 0.1% lower while shares of energy companies in the
S&P 500 are up 0.1% as a group. Crude oil for January delivery
is up 2.22 at $96.04 per barrel while January natural gas is down 2
cents to $3.97 per 1 million BTU.
In company news, Shares of Hess Corp. (
) are narrowly lower this afternoon, slipping about 0.1% to $80.85
each amid reports the private-equity owners of BJ's Wholesale Club
Inc. are interested in buying its 1,300-store chain of gas
CVC Capital Partners Ltd. and Leonard Green & Partners LP -
the private-equity owners that paid $2.8 billion for BJ's two years
ago - have enlisted bankers and made inquiries about the
gas-station chain, which they envision pairing with its wholesale
clubs, people familiar with the matter told the Wall Street
HES earlier this year outlined a plan to slim down and focus on
finding and extracting oil and natural gas, with divesting its
retail locations one of the last, and possibly the largest, steps
in that process.
In other sector news,
(+) QEP, (+0.9%) Announces decision to spin-off its QEP Field
Services pipeline firm, including its stake in QEP Midstream
Partners LP (
), into a stand-alone business and hires Deutsche Bank and Goldman
Sach to assist with the process.
(-) WES, (-4.0%) Discloses plans to sell 4.5 million equity
units representing limited partnership interest in an underwritten
public offering. Net proceeds will be used to repay debt under the
company's revolving credit facility and capital expenses.
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