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Energy Stocks Extend Slide to Second Day; Brookfield Renewable Energy Buys Safe Harbor Hydro-Power Dam for $613 Mln

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Energy stocks were moderately lower today with the NYSE Energy Sector Index sinking about 0.1% while shares of energy companies in the S&P 500 were down about 0.3% as a group. Crude oil for June delivery was up 57 cents at $102.07 per barrel while June natural gas was down 3cents to $4.44 per 1 million BTU.

In company news, Brookfield Renewable Energy Partners ( BEP ) shares were slightly higher Friday afternoon after the power producer acquired full ownership of the 417-megawatt Safe Harbor hydroelectric facility on the lower Susquehanna River in Pennsylvania.

BEP said it will pay around $613 million to Exelon Corp ( EXC ) for the 67% stake in the Safe Harbor facility it already didn't own. The company said it expects to fund the transaction - slated to close during Q3 - with cash on hand and capital from its institutional partners. It also is expected that a portion of the purchase price will be funded with non-recourse, fixed-rate financing.

BEP shares were ahead about 0.6% at $29.54 each in mid-day trade, just 4 cents under its session high. The stock has a 52-week range of $24.69 to $30.55 a share, climbing about 3% over the past 12 months.

EXC was down 0.2% at $34.50 a share this afternoon.

In other sector news,

(+) ESTE, (+21.3%) Acquires all of privately held Oak Valley Resource's producing assets and undeveloped acreage, plus about $138 mln in cash, for 10.9 mln ESTE shares, worth $237 mln based on Thursday's $21.74 closing share price.

(-) CHK, (-4.7%) Friday follows through with plans to spin off its Chesapeake Oilfield Operating services business into a stand-alone firm to be known as Seven Seventy Energy, relieving the parent company of around $1 bln in debt.

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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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