Top Energy Stocks
Energy stocks have continued to test new session lows this afternoon, with the NYSE Energy Sector Index sinking over 3.4% while shares of energy companies in the S&P 500 were down more than 3.9% as a group. Crude oil for November delivery settled $1.27 lower at $44.43 per barrel while November natural gas futures were unchanged at $2.56 per 1 million BTU.
In company news, VTTI Energy Partners ( VTTI ) fell to a record low on Monday after the British petroleum storage and infrastructure company today priced several series of seven-, 10- and 12-year senior unsecured notes generating $245 million and 180 million euros ($112.26 million) in gross proceeds with a weighted average fixed coupon rate of 3.9%.
Net proceeds, after first paying underwriter discounts and other offering expenses, will repay a portion of the company 580 million euro ($651 million) revolving credit facility.
VTTI American depository shares were down nearly 6% at $17.88 apiece, maintaining a small distance over its new, all-time low of $17.66 a share.
In other sector news,
(+) SPP, Buys pipeline and gathering assets in the Eagle Ford Shale formation in western Texas from Sanchez Energy ( SN ) for about $345 million in cash, subjects to closing adjustments.
(-) ETE, 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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