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Energy Sector Update for 01/23/2017: LEU,TGP,NAT

Top Energy Stocks

XOM -1.29%

CVX -0.35%

COP -2.17%

SLB -2.57%

OXY -1.31%

Energy stocks were following crude oil prices lower Monday, with the NYSE Energy Sector Index sinking 1.4% while shares of energy companies in the S&P 500 also were down 1.4% as a group. Crude oil for March delivery was down 52 cents at $52.70 per barrel while February natural gas futures were 2 cents higher at $3.23 per 1 million BTU.

In company news, Centrus Energy Corp ( LEU ) rose Monday after the uranium miner today said that with slightly more than a week left in its notes exchange offer, holders of its 8.0% payment-in-kind toggle notes due 2019 or 2024 already have tendered $161.8 million, or almost 77%, of the notes needed for the exchange to proceed.

The exchange offer is conditioned on at least 90%, or $211.12 million, in face value of the $236.8 million outstanding PIK notes being tendered by a Feb. 2 deadline. Under terms of the exchange offer, the old note holders will receive up to $85 million of the company's new 8.25% senior secured notes due 2027 as well as up to $120 million of its 7.5% cumulative redeemable preferred stock and $30 million in cash.

LEU shares were up just over 1% this afternoon at $6.77 apiece, previously topping out today at $6.90 a share.

In other sector news,

(+) TGP, (+4.1%) Completes NOK 300 mln ($35 mln) offering of its senior unsecured notes maturing October 2021 in the Norwegian bond market. Net proceeds will be used to refinance existing debt or possibly funding installment payments on newbuilding deliveries in the future.

(-) NAT, (-7.5%) Reduces quarterly dividend by 26% from its most recent distribution to $0.20 per share in order to make future cash outlays, including the purchase of three suezmax newbuilding tankers slated for delivery during H2 of 2018.

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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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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