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Sector Update: Energy Shares Mostly Lower While Crude Trades Near $96 a Barrel
11/8/2011 12:08:00 PM
By: MT Newswires
NYMEX Benchmark Crude December: (+0.41%) to $95.95
Top Energy Stocks
Energy shares are lower in mid-day trading while crude oil futures log fractional gains to trade near $96 a barrel.
Light, sweet crude oil for December delivery traded up 0.41% to $95.95 a barrel. In other energy futures, heating oil was up 0.63% to $3.13 a gallon while natural gas was down 0.49% to $3.67 per million British thermal units.
In mid-day energy news, DryShips ( DRYS ) is higher after the company reported better than expected Q3 results.
DRYS posted earnings of $0.16 per share, ex one-time items. Revenue was $318 mln, up from $225.5 mln in the year ago quarter. Analysts were expecting ex items EPS of $0.14 per share on revenue of $296 mln.
Also, Dynegy ( DYN ) is sharply higher after the company earlier announced that it has reached an agreement with a group of investors holding over $1.4 billion of senior notes issued by Dynegy's direct wholly-owned subsidiary, Dynegy Holdings, regarding a framework for the consensual restructuring of over $4.0 billion of obligations owed by DH.
If the restructuring support agreement is successfully implemented, it will significantly reduce the amount of debt on the company's consolidated balance sheet.
DYN shares are up 28.14% to $3.78.