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.
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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.
