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Energy Sector Update for 12/23/2015: TYG,EGY,PBR

Top Energy Stocks

XOM +3.15%

CVX +3.76%

COP +5.94%

SLB +2.14%

OXY +3.43%

Energy stocks rallied Wednesday, with the NYSE Energy Sector Index almost 4.5% while shares of energy companies in the S&P 500 were up 4.1% as a group in late trade.

In company news, Tortoise Energy Infrastructure ( TYG ) shares rose Wednesday after the pipeline company late yesterday disclosed plans to redeem all 5 million shares of its Series C mandatory redeemable preferred stock.

Under terms of the Jan. 8 redemption, Tortoise Energy will pay $10.040598 for each of the preferred shares, with an overall price to the company of around $50.2 million. The company tapped into its credit facility for the funds for the upcoming redemption.

TYG shares were up more than 10% at $28.06 this afternoon, earlier climbing to a session high of $28.11 a share.

In other sector news,

(+) EGY, Avoids proxy fight with a pair of activist investors, naming two Group 42-BLR Group representatives to board seats, replacing two current independent directors. EGY and the investor groups also will later name another mutually agreeable board member.

(+) PBR, Brazil's finance minister says he sees no need to inject capital into the state-run oil company. Company also reports two formation tests at its 3-SPS-105 well, confirming the high productivity of the Brazilian offshore reservoirs.

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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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