Top Energy Stocks
Energy stocks recently were testing new session lows on Monday, with the NYSE Energy Sector Index sinking over 2.8% while shares of energy companies in the S&P 500 were down more than 3.1% as a group. Crude oil for November delivery was $1.00 at $44.64 per barrel while November natural gas futures were 6 cents higher at $2.69 per 1 million BTU.
In company news, Sanchez Energy ( SN ) rose Monday after the oil and natural gas producer said it sold a portion of its pipeline and gathering assets in the Eagle Ford Shale formation in western Texas to Sanchez Production Partners LP ( SPP ) for about $345 million in cash, subjects to closing adjustments.
Following the sale, Sanchez Energy estimated its pro forma liquidity will rise to around $918 million, including existing cash on hand and the $300 million still undrawn from its revolving credit facility.
SN shares were up nearly 6% today at $5.64 apiece, easing from an earlier run to $5.76 a share.
SPP shares also were higher Monday, racing to an 88.9% advance at $8.84 each, earlier climbing as high as $10.01 a share.
In other sector news,
(+) SYMX, (+2.9%) Extends 20-million-yuan working capital loan for its Zao Zhuang New Gas Company joint venture in China's Zao Zhuang City by another 11 months to August 22, 2016.
(-) ETE, (-10.9%) Agrees to $37.7 bln acquisition of Williams Cos. ( WMB ), paying $43.50 for each Williams share either in cash or Energy Transfer Corp (ETC) shares.
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