Top Energy Stocks
Energy stocks still were mostly higher in late trade, with the NYSE Energy Sector Index rising about 0.5% while shares of energy companies in the S&P 500 also were up nearly 0.5% as a group. Crude oil for March delivery settled 53 cents lower at $52.75 per barrel, reversing morning gains, while February natural gas futures rose 5 cents to $3.31 per 1 million BTU.
In company news, National Fuel Gas ( NFG ) was hanging on to a narrow gain late in Wednesday trading after the natural gas producer said it was pushing back the expected in-service date for its Northern Access pipeline expansion from November later this year to sometime during the first three months of calendar 2018.
The company said ongoing delays in the regulatory approval process, including the issuance of a project certificate by the Federal Energy Regulatory Commission, have slowed the start of development activities along the 99-mile pipeline route ahead of a planned environmental protection period beginning April 1 and extending through July 31.
NFG shares were up about 0.3% at $57.79 each, easing slightly from a session high of $58.00 a share during mid-morning trading.
In other sector news,
(+) HK, Confirms $705 mln purchase of 20,748 net acres in the southern Delaware Basin. Also receives option to buy up to 15,040 more acres in Ward County, Texas, from a private operator at $11,000 per acre.
(-) PAA, Buys 515-mile, large-scale crude oil gathering system, as well as storage facilities, truck terminals and multiple receipt points, in the northern Delaware Basin for $1.215 bln from Concho Resources ( CXO ).
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