Energy Sector Update for 10/02/2015: SN,FXEN,PDCE
Top Energy Stocks
Energy stocks were stretching out their earlier gains, with the NYSE Energy Sector Index rising over 2.6% while shares of energy companies in the S&P 500 were ahead about 2.2% as a group. Crude oil for November delivery has reversed its earlier decline and was up 56 cents at $44.13 per barrel in recent trade while November natural gas futures were 1 cent higher at $2.45 per 1 million BTU.
In company news, Sanchez Energy ( SN ) shares fell Friday, with investors apparently finding little benefit for the oil and gas producer after yesterday tapping the chief executive of one of its corporate cousins to be its new company president.
The company today said Eduardo Sanchez has been selected for the post and will be responsible for operations oversight as well as directing execution of the company's business plan. Since 2010, he has been CEO of Sanchez Resources LLC, a privately held subsidiary of Sanchez Oil & Gas Corp., which also is the corporate parent of publicly traded Sanchez Energy.
Sanchez previously had been an investment banker with Commonwealth Associates, where he focused on private equity and debt placements for small- and mid-cap businesses, including several energy companies.
SN shares were down nearly 5% at $5.84 each, earlier sliding to a session low of $5.58 a share.
In other sector news,
(+) FXEN, (+10.2%) Completes drilling, coring, logging and testing of its new Miloslaw-4k well, which flowed natural gas at 4/32 million cubic feet per day with no observable water.
(-) PDCE, (-0.5%) Extends the maturity of its revolving credit facility by another two years to May 2020, with the borrowing base reaffirmed at $700 mln.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.