Energy Sector Update for 11/27/2018: EC,KOS,PARR,GPRK

Top Energy Stocks

XOM -0.19%

CVX -0.14%

COP +0.07%

SLB -1.93%

OXY -2.41%

Energy stocks were falling this afternoon, with the NYSE Energy Sector Index sinking almost 0.8%, while shares of energy companies in the S&P 500 were down nearly 0.7% as a group. West Texas Intermediate crude oil for January delivery was falling 51 cents to $51.12 per barrel, giving back a modest mid-morning gain while the global benchmark Brent crude January contract was declining 69 cents to reach $60.20 per barrel. December natural gas futures were 3 cents higher at $4.28 per 1 million BTU. Among energy-related ETFs, United States Oil was sinking 0.5%, while United States Natural Gas was rising 0.5%. The Philadelphia Oil Service Sector index was down 0.8%.

Among energy stocks moving on news:

(+) Ecopetrol SA ( EC ) advanced 1% on Tuesday after the Columbian energy major announced the early redemption of all $1.5 billion of its 7.625% notes maturing next July on Dec. 27.

In other sector news:

(+) Kosmos Energy ( KOS ) fell 1% on Tuesday, but off its intraday low, after the oil and natural gas producer priced an $81.5 million secondary public offering of 15 million shares previously held by funds affiliated with Warburg Pincus LLC at $5.43 apiece, a 5.9% discount to Monday's closing price. Underwriters for the stock sale also received a 30-day option to buy up to an 2.3 million additional shares.

(+) Par Pacific Holdings ( PARR ) climbed 2.5% on Tuesday after the energy infrastructure company said it was acquiring privately held US Oil & Refining Co as well as certain affiliated entities for $358 million. The acquired downstream business includes a refinery with a capacity of 42,000 barrels per day along with separate marine and train-capable rail loading terminals and 2.9 million barrels of storage capacity. It expects to fund the deal using around $225 million in secured loan proceeds and about $150 million in equity financing. A January 2019 close is planned, Par Pacific said.

(-) Geopark Ltd ( GPRK ) slid 4.4% lower on Tuesday after agreeing to acquire interests in its Colombian and Chilean operations from LG International for $81 million at closing plus two equal $15 million payments in June 2019 and June 2020.

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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