Energy Sector Update for 12/13/2016: HCLP,PHX,PTEN,SVNT

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Top Energy Stocks

XOM +2.39%

CVX +0.75%

COP +3.40%

SLB +1.87%

OXY +1.98%

Energy stocks were broadly higher today, with the NYSE Energy Sector Index climbing to a 1.7% while shares of energy companies in the S&P 500 were up 1.8% as a group. Crude oil for January delivery was up 27 cents at $53.10 per barrel while January natural gas futures were unchanged at $3.51 per 1 million BTU.

In company news, Hi-Crush Partners LP ( HCLP ) equity units declined Tuesday after the oilfield-services company last night said it adjourned its Dec. 8 special meeting of the partnerships' unitholders to vote on a proposal to revise the company's long-term incentive plan until Jan. 9, 2017, due to lack of quorum.

Hi-Crush said unitholders of record on Oct. 10 who have already voted do not need to vote again although the company again encouraged investors who haven't voted yet to do so as quickly as possible. The company did not provide interim vote totals on the proposal.

HCLP units were down over 1% this afternoon at $18.30 apiece, rebounding somewhat from an earlier session low of $17.40 per unit.

In other sector news,

(+) PHX, (+5.8%) CEO Paul Blanchard announces plans to retire on Jan. 1, with the company naming chief operating officer Robb Blanchard to succeed Blanchard.

(-) PTEN, (-8.1%) Announces $1.76 bln all-stock buyout of Seventry Seven Energy ( SVNT ), with PTEN swapping 49.6 mln of its shares for all 22.3 mln SVNT shares. PTEN also will assume about $336 mln in SVNT debt.

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: HCLP , PHX , PTEN

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