Sector Update: Energy
Energy stocks are moderately lower with the NYSE Energy Sector Index falling about 0.4% and the S&P Energy Index slipping about 0.6%. Crude oil for January delivery is up 77 cents to $86.66 per barrel. January natural gas is down 4 cents to $3.30 per 1 million BTU.
In company news, Solazyme Inc ( SZYM ) is up 10% at $9 but earlier climbed as high as $9.90 after successfully testing its renewable oil fermentation facility in Clinton, Iowa. Initial targets call for annual production of about 20,000 metric tons starting in early 2014, eventually expanding to 100,000 metric tons.
In other sector news,
(+) WMB, (+1.9%) Prices $850 million offering of 3.7% senior notes due 2023 at 99.722 of par. Proceeds will be used to finance a portion of its investments in Access Midstream Partners GP.
(+) CCI, (+1.1%, hit 52 week highs) Increases revolving credit facility by $500 million to $1.5 billion. Proceeds will be used to finance tender offer for the company's 9% senior notes due 2015.
(-) XEC, (-1%) Declares regular cash dividend of $0.12 a share, payable March 1 to shareholders of record on Feb. 15.
(-) SLB, (-6.1%) Expects earnings per share to fall by 5 to 7 cents in the fourth quarter because of contractual delays in Europe, Africa and the Commonwealth of Independent States and weaker- than-expected onshore U.S. and Western Canadian drilling.