Top Energy Stocks
Energy stocks have turned slightly lower this afternoon, with the NYSE Energy Sector Index slipping 0.1% while shares of energy companies in the S&P 500 also were down about 0.1% as a group. Crude oil for October delivery was down 77 cents at $45.17 per barrel while October natural gas futures were 6 cents lower at $2.65 per 1 million BTU.
Phillips will provide $1.5 billion in additional cash to the DCP Midstream ( DPM ) partnership, which is expected to pay down a portion of its revolving credit facility. Spectra, meanwhile, will contribute its ownership stake in the Sand Hills and Southern Hills liquefied natural gas pipelines.
Both transactions are expected to close before the end of the year.
PSX shares were up almost 3% at $82.07 each, earlier climbing to a session high of $82.75 a share. Through yesterday's close, the stock had fallen slightly more than 6% over the past 12 months.
SE shares were lower today, declining slightly more than 1% to $28.33 apiece. DPM equity units were sharply higher in afternoon trading, adding more than 7% at $30.40 each.
In other sector news,
(+) WNR, (+5.4%) Upgrade to Buy from Hold at Tudor Pickering, which also raised its price target for the stock by $4 to $58 a share.
(-) TRCH, (-8.3%) Signs farm-in agreement fpr its Orogrande project in Hudspeth County, Texas. The agreement calls on the partner company to spend $50 million over the next two years to earn a 50% working interest in the project.
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