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Energy Sector Update for 09/28/2015: VTTI,SN,SPP,ETE,WMB,ETC

Top Energy Stocks

XOM -0.71%

CVX -2.12%

COP -2.59%

SLB -4.64%

OXY -3.45%

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.

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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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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