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Sector Update: Energy

By: MT Newswires
Posted: 9/9/2013 12:54:00 PM
Referenced Stocks: BP;MILL

Energy stocks are broadly higher today with the NYSE Energy Sector Index rising 0.9% while shares of energy companies in the S&P 500 are ahead nearly 1.0% as a group. Crude oil for October delivery is down 80 cents at $109.73 per barrel. October natural gas is up 4 cents to $3.57 per 1 million BTU.

In company news, Miller Energy ( MILL ) is now slightly lower, swinging between small gains and losses today after the oil and gas company reported Q1 sales of $13 million, topping the Thomson Reuters mean by around $1.08 million. Net loss for the quarter was $0.22 per share, wider than forecasts expecting a $0.17 per share loss.

MILL said it expects to be producing at least 4,000 barrels of oil equivalent per day by the end of calendar 2013, up 42% over the same period last year.

In other sector news,

(+) BPZ, (+4.2%) Said Richard Spies will step down as chief operating officer to rejoin BP ( BP ), effective Nov. 1. Spies will retain his BPZ board seat.

(-) SN, (-0.6%, but $8 above day lows) Announces plans to sell up to 8 mln shares of its common stock as well as a $150-mln private offering of senior notes with proceeds used to acquire additional properties in the Eagle Ford shale formation of southern Texas.