Top Energy Stocks
XOM +0.12%, has fluctuated between gains and losses.
CVX +0.11%, near year highs
COP -0.03%, has turned negative
Energy stocks are edging higher today with the NYSE Energy Sector Index rising about 0.1 and the S&P Energy Index climbing almost 0.4%. Crude oil for May delivery is up 13 cents to $96.71 per barrel. May natural gas is flat at $4.07 per 1 mln BTU.
In company news, Suncor Energy ( SU ) is now up about 0.5% at near $30 a share, turning around after a small dip earlier today as the Canadian oil and gas company saying it is not proceeding with the Voyageur upgrader project in Alberta oilsands and purchasing its partner's 49% stake in the joint venture for $515 mln.
The cancelation is going to result in SU taking a $140-mln charge against its Q1 earnings with quarterly cash flow reduced by around $180 mln.
The company said the decision follows a strategic and economic review it began late last year with Total SA ( TOT ), its joint venture partner in the project. Separately, TOT last night said it will book a $1.65-bln loss from the cancelled project. U.S.-listed TOT shares are down slightly.
In other sector news,
(+) CPNO, (+0.4% at year highs) Pipeline operator begins solicitation for up to $510 mln of its 7.125% senior notes due 2021.
(-) PEIX, (-4.7%, nearer year lows) Agrees to issue up to $14 mln in subordinated convertible notes and acquire an additional 3% plant interest, increasing its ownership to 83%. The deal is set to close in June.
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