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 (
) 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.