Energy Sector Update for 11/27/2019: TRNX,HESM,PNRL,FRO

Top Energy Stocks

XOM +0.09%

CVX +0.36%

COP +0.37%

SLB +1.07%

OXY +0.22%

Energy stocks turned modestly higher in late trade, with the NYSE Energy Sector Index rising nearly 0.3% while shares of energy companies in the S&P 500 also were up almost 0.3% as a group. West Texas Intermediate crude oil for January delivery settled 30 cents lower at $58.11 per barrel in New York while the global benchmark Brent crude January contract declined 20 cents to $64.07 per barrel. January natural gas futures fell 3 cents lower to $2.50 per 1 million BTU.

In industry news:

US crude oil inventories increased by 1.6 million barrels during the seven days ended Nov. 22, rising to 452 million barrels, the Energy Information Administration reported Wednesday. That compares with a 3.6 million-barrel rise reported late Tuesday by the American Petroleum Institute and expectations by industry experts polled by S&P Global Platts looking for a 600,000-barrel draw last week.

Among energy stocks moving on news:

(-) Taronis Technologies (TRNX) dropped over 2% after synthetic fuels producer said the spin-off of its Taronis Fuels subsidiary into a stand-alone company was moving ahead as planned, with Nov. 29 as the record date for shareholders to be eligible for the Dec. 5 stock dividend. The new industrial gases company will initially trade on the over-the-counter market but is expected to move to the New York Stock Exchange soon after the upcoming share distribution.

In other sector news:

(+) Paringa Resources Ltd. (PNRL) jumped 231% after the thermal coal miner closed on a $9 million royalty financing agreement to help fund the ramp-up of operations at its Poplar Grove mine in western Kentucky. The company also said it lowered the second tranche of its term loan facility with Tribeca Global Resources by $6 million to $10 million.

(+) Hess Midstream Partners LP (HESM) was nearly 1% higher late Wednesday after the oil and gas infrastructure company said it was extending the time for the exchange offer for its 5.625% senior notes due 2026 by an extra 10 days until Dec. 12. Through the close of business on Tuesday, investors have tendered 97.1% of the outstanding $800 million of the notes, it said. Hess Midstream earlier this month extended the expiration date by an extra four weeks.

(-) Frontline (FRO) fell 1.7% on Wednesday after the tanker company reported a Q3 net loss of $0.06 per share, reversing a $0.01 per share profit during the year-ago period and missing the Capital IQ consensus expecting a $0.02 per share loss for the three months ended Sept. 30.

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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