Top Energy Stocks
Energy stocks were paring some of their recent gains, with the NYSE Energy Sector Index climbing 0.3% while shares of energy companies in the S&P 500 also were up 0.4% as a group. Crude oil for October delivery was up 54 cents at $45.35 per barrel while October natural gas futures were 5 cents lower at $2.67 per 1 million BTU.
In company news, Summit Midstream Partners LP ( SMLP ) slumped Wednesday after the natural gas pipeline company disclosed plans to sell 5.5 million of its common equity units representing partnership interests under a S-3 registration document previously filed with market regulators.
The company expects to use net proceeds to repay existing debt owed under its revolving credit facility.
SMLP shares were down over 5% at $23.58 each, recovering somewhat from a prior decline as low as $22.94 a share.
In other sector news,
(+) APA, (+6.9%) Announces discovery of "significant" new resouce play in southern Delaware Basin in Texas, estimating the Alpine High play contains around 75 tln cubic feet of rich natural gas and 3 bln barrels of oil.
(-) SDPI, (-3.00%) Launches public offering of 5 mln shares of its common stock. Net proceeds will used to repay debt owed under its FNCC credit facility as well as its recent bridging financing and Hard Rock note.
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