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GDP

Energy Sector Update for 09/25/2015: GDP, GEL, EMES

Top Energy Stocks

XOM +0.29%

CVX +0.64%

COP -1.32%

SLB -0.12%

OXY +1.03%

Energy stocks were finishing narrowly lower, with the NYSE Energy Sector Index declining about 0.2% while shares of energy companies in the S&P 500 were down 0.4% as a group. Crude oil for November delivery settled 79 cents higher at $45.70 per barrel while November natural gas futures fell 4 cents to $2.63 per 1 million BTU.

In company news, Goodrich Petroleum ( GDP ) was unchanged in late Friday trading, giving back earlier gains that followed the oil and natural gas producer this morning said noteholders have agreed to exchange $158.2 million of its existing debt maturing in 2019 for $75 million of new three-year notes.

In addition to retiring its 8.875% senior notes in exchange for the new 8.875% second lien senior secured notes due 2018, several of the holders of the new second-lien notes will also receive warrants to buy up to 6 million shares of Goodrich common stock with an exercise price of $1.00 per share.

GDP shares were little changed at 70 cents each, earlier climbing to a session high of 75 cents a share. The stock had dropped more than 96% over the past year through Thursday's close.

In other sector news,

(+) GEL, Wunderlich begins analyst coverage with a Buy rating and a $50 price target.

(-) EMES, Falls to post-IPO low after cancelling FY15 distribution guidance, citing "difficult" market conditions in its Sand and Fuel segments, and prompting analyst downgrades at Stifel Nicolaus, Robert W. Baird & Co.

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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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