Markets

Energy Stocks Rising; Patterson-UTI Buys Pressure-Pumping Operator, Expanding Footprint in Texas, Louisiana

Top Energy Stocks

XOM +0.88%

CVX +0.84%

COP +1.22%

SLB +1.46%

OXY +0.22%

Energy stocks were broadly higher today with the NYSE Energy Sector Index rising 0.8% while shares of energy companies in the S&P 500 also were up 0.8% as a group. Crude oil for July delivery was up/down cents at $ per barrel while July natural gas was up/down cents to $ per 1 million BTU.

In company news, Patterson-UTI ( PTEN ) shares were higher Friday and the oilfield-services company today announcing a deal with an unidentified privately held company to acquire the pressure pumping operations in eastern Texas, including 31,500 horsepower of hydraulic fracturing equipment.

Financial terms of the transaction were not disclosed. It is expected to close within the next 10 days, subject to third-party consents and other closing conditions.

The company said the purchase provides it with a new base of operations and employees to support drilling programs, supplementing its existing operations in the Permian Basin as well as the Eagle Ford and Barnett shale formations, all in Texas. PTEN also has a significant presence in the Marcellus and Utica shale plays in the eastern United States.

PTEN shares were up about 2.1% at $33.71 apiece in recent trade, matching its intra-day high. The stock has a 52-week range of $18.83 to $34.11 a share, rising 62.5% over the past 12 months.

In other sector news,

(+) PSX, (+1.0%) Acquires 7.1 million-barrel storage capacity terminal located near Beaumont, Texas, for an undisclosed sum. The facility is now the company's largest.

(-) BTU, (-1.6%) Downgrade to Neutral from Buy at Goldman Sachs.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

PTEN

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More