Energy Sector Update for 09/20/2017: ATW,BW,ORIG

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Top Energy Stocks

XOM +0.32%

CVX +0.37%

COP +2.12%

SLB -0.03%

OXY +1.54%

Energy stocks were trading higher Wednesday, with the NYSE Energy Sector Index climbing almost 1.1% this afternoon while shares of energy companies in the S&P 500 were up nearly 0.9% as a group. Crude oil for November delivery was up $1.00 cents to $50.90 per barrel while October natural gas futures were 1 cent lower at $3.11 per 1 million BTU.

In company news, Atwood Oceanics ( ATW ) rose almost 6% on Wednsday, topping out at $8.63 a share after the marine drillrig company today said it has leased the Atwood Orca jackup rig to Mubadala Petroleum offshore Thailand for an additional four months through at least August 2018.

The company did not disclose the day rate for the drillrig but said it was higher than the current rate. The extension also includes two additional four-month options that are priced successively higher than the new firm dayrate, and if fully exercised, would stretch out the contract until April 2019.

In other sector news,

(+) BW, (+3.2%) Vintage Capital and its affiliate Kahn Capital Management acquire nearly 1.7 mln additional shares, boosting their overall stake in the company to 6.6 mln shares.

(-) ORIG, (-38.2%) Schedules extraordinary general meeting of shareholders for Nov. 3 to vote on several restructuring proposals, including a reverse 1-for-9,200 stock split. Investors owning ORIG Class A and B common shares on Sept. 25 are eligible to participate in the shareholder vote.

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This article appears in: Investing , Energy
Referenced Symbols: BW ,

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