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Energy Sector Update for 10/10/2017: HK,USEG,GEVO


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Top Energy Stocks

XOM +0.59%

CVX +1.17%

COP +1.43%

SLB +0.23%

OXY +1.15%

Energy stocks were mostly higher, following the almost 3% gain in crude oil prices , with the NYSE Energy Sector Index rising more than 0.7% while shares of energy companies in the S&P 500 were up more than 0.5% as a group. Crude oil for November delivery was up $1.42 at $51.00 per barrel while November natural gas futures were 2 cents lower at $2.94 per 1 million BTU.

In company news, Halcon Resources Corp ( HK ) rose as much as 9% on Tuesday, reaching an intra-day high of $6.84 a share, after the oil and natural gas producer said it has completed a $425 million tender offer to buy back roughly half of its outstanding 6.75% senior notes due 2025 at 103% of par plus any accrued interest.

Because the tender offer was oversubscribed, the senior note repurchase will be prorated, the company said.

Halcon also recently completed its redemption of all of its outstanding 12.0% second lien notes due 2022, leaving the remaining $425 million of its 6.75% senior notes still outstanding as the company's only long-term debt.

In other sector news,

(+) USEG, (+10.8%) Oct. 5 sells certain non-operated properties in the Williston Basin in North Dakota to a U.S. affiliate of Norwegian state-owned energy major Statoil for $2 mln in cash. The transaction also eliminated $4.2 mln in liabilities for the company.

(-) GEVO, (-2.5%) Late Monday, lowered the exercise price of nearly 1.19 million of its Series M warrants issued in July by 72.3% to 65 cents per share.

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

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This article appears in: Investing , Energy
Referenced Symbols: HK , USEG , GEVO


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