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Energy Sector Update for 11/27/2018: PDS,KOS,PARR,GPRK,TDG.TO,ESI.TO,TDG.TO


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Energy stocks trimmed some of its earlier declines, with the NYSE Energy Sector Index sinking almost 0.5% this afternoon while shares of energy companies in the S&P 500 also were down over 0.3% as a group.

Among energy stocks moving on news:

(+) Precision Drilling Corp ( PDS ) was finishing near its session high Tuesday afternoon, rising over 2%, after the oilfield services company said it has officially terminated its Oct. 5 arrangement agreement to acquire Trinidad Drilling Ltd (TDG.TO) for $797 million and will soon pay a $20 million termination fee to the Canadian company after Ensign Energy Services acquired 56.38% of Trinidad's common stock through a rival tender offer this week.

In other sector news:

(+) Par Pacific Holdings ( PARR ) ground out a nearly 6% increase on Tuesday after the energy infrastructure company said it was acquiring privately held U.S. Oil & Refining Co as well as certain affiliated entities for $358 million. The acquired downstream business includes a refinery with a capacity of 42,000 barrels per day along with separate marine and train-capable rail loading terminals and 2.9 million barrels of storage capacity. It expects to fund the deal using around $225 million in secured loan proceeds and about $150 million in new equity financing. A January 2019 close is planned, Par Pacific said.

(-) Kosmos Energy ( KOS ) was down almost 1% in late Tuesday trading, turning around from a nearly 2% gain earlier in the session that followed the oil and natural gas producer priced an $81.5 million secondary public offering of 15 million shares previously held by funds affiliated with Warburg Pincus LLC at $5.43 apiece, a 5.9% discount to Monday's closing price for the stock. Underwriters for the stock sale received a 30-day option to buy up to an 2.3 million additional shares. Kosmos did not receive any proceeds from the offering.

(-) Geopark Ltd ( GPRK ) slid as much as 6% lower on Tuesday after agreeing to re-acquire interests in its South American operations from LG International for $81 million at closing plus two equal $15 million payments in June 2019 and June 2020. The company also could pay up to three more contingent payments of $5 million per year to the sellers if the reacquired properties meet certain production milestones. The assets consist of several hydrocarbon exploration blocks and the associated oil and natural gas production and reserves, including the Llanos 34 block in Colombia.

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: PDS , PARR , KOS , GPRK



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