Energy Sector Update for 12/16/2016: GLF,CRR,GPOR

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Top Energy Stocks

XOM -0.10%

CVX +0.62%

COP -0.15%

SLB -0.20%

OXY +2.08%

Energy stocks were mostly higher Friday, with the NYSE Energy Sector Index rising about 0.5% while shares of energy companies in the S&P 500 were up 0.2% as a group. Crude oil for January delivery was up 87 cents at $51.77 per barrel while January natural gas futures were 3 cents lower at $3.40 per 1 million BTU.

In company news, GulfMark Offshore ( GLF ) advanced Friday after boosting the compensation for bondholders participating in the marine oilfield-services company's $300 million tender offer for its 6.375% senior notes due 2022 by an additional $40 to $520 for each $1,000 in face value of the notes.

The company also extended the expiration date for the tender offering by an extra eight days until the close of business on Dec. 29.

GulfMark last night also said lenders have agreed to increase the size of its new revolving credit facility by $15 million to $115 million, also adding the option for a third six-month extension period that would extend the maturity date of the facility to June 2019.

GLF shares were up more than 6% at $1.75 each, matching their session high.

In other sector news,

(+) CRR, (+3.4%) Goldman Sachs upgrade to neutral from sell.

(-) GPOR, (-5.0%) Prices $600 mln offering of its 6.375% senior notes due 2025 at par. It expects to use the net proceeds, together with net proceeds from a $623.5 mln equity offering of 29 mln shares also pricing last night at 21.50 each, to fund its $1.85 bln cash and stock purchase of selected assets from Vitruvian II Woodford.

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: CRR , GPOR

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