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APA

Energy Sector Update for 09/07/2016: SMLP,APA,SDPI

Top Energy Stocks

XOM -0.53%

CVX +0.26%

COP +0.59%

SLB -0.30%

OXY -0.10%

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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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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