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Sector Update: Energy

By: MT Newswires
Posted: 9/13/2013 8:30:00 AM
Referenced Stocks: FANG;OCIR;UNG;USO

Energy shares are mixed in pre-market, while crude oil futures are lower.

Light, sweet crude oil for October delivery is trading down $0.87 at $107.73 a barrel. In other energy futures, heating oil is down $0.01 at $3.11 a gallon while natural gas is down $0.02 at $3.62 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.13% at $38.90. The United States Natural Gas ETF ( UNG ) is down 0.16% at $19.09.

In other energy news, OCI Resources LP ( OCIR ) priced its initial public offering of 5,000,000 common units representing limited partner interests in the Partnership at a public offering price of $19.00 per common unit.

In addition, the Partnership has granted the underwriters a 30-day option to purchase up to 750,000 additional common units at the initial public offering price. The partnership's common units are expected to begin trading on the New York Stock Exchange under the symbol "OCIR" on September 13, 2013.

And, Diamondback Energy ( FANG ) priced an offering of $450 million aggregate principal amount of its 7.625% Senior Notes Due 2021 at an issue price of 100% of the aggregate principal amount of the Notes.

The notes will mature on October 1, 2021, unless redeemed in accordance with their terms prior to such date. The notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The offering of the notes is expected to close on September 18, 2013.

FANG is flat in pre-market at $46.63.