Sector Update: Energy

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Energy stocks were broadly lower today with the NYSE Energy Sector Index sinking about 1.9% while shares of energy companies in the S&P 500 were down 2.1% as a group.

In company news, Tesoro Logistics LP ( TLLP ) was ahead over 2% in late Tuesday trading and the midstream services company acquiring pipeline and terminal assets from its corporate parent, Tesoro Corp ( TSO ), paying $270 million.

A Q3 closing is expected for the deal.


TLLP shares were up 2.5% at $71.16 each, earlier climbing to a session high of $72.95 a share. TSO was down 2% at $60.95 a share in late trade.

In other sector news,

(+) RRMS, Completes $300 mln purchase of SemCrude Pipeline LLC - the 51% owner of the While Cliffs Pipeline LLC - from SemGroup Corp ( SEMG ). Also announces plans for $350 mln private offering of senior unsecured notes due 2022.

(-) KNOP, Prices public offering of 4.8 mln common equity units representing limited partner interest at $28.43 each, a 4.9% discount to Monday's closing price. Also acquires two shuttle tankers for a combined $335 mln, net of $222 mln in debt.



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: TLLP , TSO , SEMG

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