Sector Update: Energy

By
A A A

Energy stocks have turned narrowly lower, giving back small gains earlier in the session, with the NYSE Energy Sector Index slipping about 0.1% while shares of energy companies in the S&P 500 are down about 0.1% as a group. Crude oil for November delivery is up 19 cents at $102.85 per barrel shortly before the close of floor trading, while November natural gas is unchanged at $3.55 per 1 million BTU.

In company news, KiOR ( KIOR ) is up nearly 56% to $2.85 a share, climbing as high as $3.03, after saying it plans to double production capacity at its cellulosic fuels facility in Columbus, Miss.

Total cost of the project - dubbed Columbus II - is expected to total $225 million, with KIOR saying it received $50 million in commitments from cornerstone investors Khosla Ventures and Vinod Khosla for the project.

The project is intended increase yields at both Columbus facilities as well as boosting production capacity and feedstock flexibility, helping KIOR move closer to its long-term goal of 92 gallons per bone dry ton of biomass.

The project also is seen helping the company achieve cash flow profitability in 2015 at a lower capital cost.

In other sector news,

(+) COG, (+3.5%) Sets initial FY14 production guidance of 30% to 50% growth, reaffirms FY13 production guidance.

(-) KMI, (-0.1%) Hedgeye Risk Management analyst Kevin Kaiser issues second critical report about the pipeline operator, again alleging questionable maintenance practices at the company.



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.

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


This article appears in: Investing , Commodities

Referenced Stocks: KIOR

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

91,252,153
  • $13.78 ▼ 4.31%
68,133,496
  • $12.93 ▲ 6.77%
57,268,074
  • $46.13 ▲ 2.47%
43,432,023
  • $105.22 ▲ 0.37%
40,880,685
  • $13.46 ▲ 8.90%
40,712,405
  • $98.62 ▲ 0.82%
39,776,976
  • $16.72 ▲ 0.72%
34,688,871
  • $11.16 ▲ 3.05%
As of 10/24/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com