Sector Update: Energy


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. ( HES ) 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 stations.

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 Journal.

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 ( QEPM ), 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.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: HES , QEPM

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