Energy Sector Update for 03/23/2016: LNCO,LINE,XOM,GLRI

Shutterstock photo

Top Energy Stocks

XOM +0.02%

CVX -1.53%

COP -4.57%

SLB -0.26%

OXY -1.47%

Energy stocks were sharply lower today, with the NYSE Energy Sector Index falling 1.9% while shares of energy companies in the S&P 500 were also down 1.9% as a group. Crude oil for May delivery was down 52 cents at $40.93 per barrel while April natural gas futures were 1 cent lower at $1.85 per 1 million BTU.

In company news, Linn Co LLC ( LNCO ) plunged Wednesday after last night launching a 1-for-1 swap of its equity units for shares of its limited liability operating company, Linn Energy LLC ( LINE ).

The companies said the exchange offer running through midnight on April 18 will allow unitholders to maintain a stake in Linn Energy through LinnCo, which is taxed as a corporation instead of a partnership. The deal also may allow those unitholders to avoid future allocations of taxable income and losses, including the cancellation of debt income resulting from potential debt restructurings or other strategic transactions.

LNCO units were down nearly 17% at 41 cents apiece, previously dropping to a session low of 37 cents per unit. LINE shares also were falling, sinking over 11% to 53 cents each, or just 2 cents above their session low.

In other sector news,

(+) XOM, (+0.1%) The Rockfeller Family Fund - the charity created by the family of Standard Oil founder John Rockefeller Sr. - said it was dropping fossil-fuel companies from its stock portfolio, including ExxonMobil ( XOM ), the successor company to Standard Oil.

(-) GLRI, (-23.4%) Q4 GAAP net loss widens to $0.85 per share, compared with $0.37 per share loss during the year-ago period. Total revenues decline 52.6% from last year to $1.8 mln. No analyst estimates available for comparision.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Energy
Referenced Symbols: XOM , GLRI

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?