Top Energy Stocks
Energy stocks were trimming a portion of their earlier declines Thursday, with the NYSE Energy Sector Index sinking about 0.4% while shares of energy companies in the S&P 500 were also down 0.4% as a group. Crude oil for November delivery reversed an earlier decline and was trading 28 cents higher at $44.76 per barrel while November natural gas was down 3 cents at $2.61 per 1 million BTU.
In company news, shares of Uranium Resources ( URRE ) rose Thursday after shareholders of the American uranium miner late Wednesday overwhelmingly voted in favor of expanding the number of its authorized shares in order to move forward with the company's planned merger with Australian miner Anatolia Energy Ltd (AEK.AX).
Under terms of the proposed transaction announced June 3, Uranium Resources will exchange 0.06579 of its share for each Anatolia share. Once the deal is completed, Uranium Resource shareholders will own 59.4% of the combined companies.
The deal still requires a positive vote by Anatolia shareholders at a meeting scheduled for Oct. 9 in Perth. The Federal Court of Australia also must sign off on the merger, with a final closing expected by early November.
URRE shares were up more than 7% at 85 cents apiece, matching their session high. Before Thursday's advance, the stock had fallen nearly 69% over the past 12 months.
In other sector news,
(+) ACI, (+34.7%) Extends deadline for debt exchange to Oct. 26. Through last night, noteholders representing $1.57 mln of the company's debt have tendered their existing notes for longer-term securities that will cut total debt and interest expenses by 20%.
(-) MPLX, (-2.5%) Revises storage services agreement with a Marathon Petroleum ( MPC ) subsidiary for its tank farm in Patoka, Ill.
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