Sector Update: Energy

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Energy stocks are ending slightly lower with the NYSE Energy Sector Index declining 0.2% while shares of energy companies in the S&P 500 also down abpit 0.2% as a group.

In company news, Contango Oil & Gas Company ( MCF ) is down 0.3% at $38.83 and the company saying Alta Energy has contracted to sell its stake in over 67,000 acres in Alberta's Kaybob Duvernay shale formation to Chevron Corp ( CVX ) for an undisclosed amount.

MCP said it expects to bank about $29 million in net proceeds from the sale, which is expected to close in October.

CVX shares are 0.7% lower in late trade.

In other sector news,

(+) MILL, Amends credit facility with Apollo Investment ( AINV ), cutting the annual interest rate in half from 18% to 9%. The $100-million facility also represents a $20-million increase in available borrowing capacity over the previous facility.

(-) HDY, Discloses plans to continue exploring for oil offshore Guinea for another three years through September 2016.



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: AINV , CVX , MCF

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