Sector Update: Energy
Energy stocks are flat in early trade ahead of Tuesday's starting bell following losses for the sector during Monday's regular session. The NYSE energy sector index slid 0.31% yesterday while the S&P energy index ending down 0.42%.
Crude oil is lower with the April NYMEX contract down 5 cents at $108.51 a barrel while Brent futures also are lower with the April contract off 94 cents at $123.23 a barrel. April natural gas also is lower at $2.564 per 1 million British Thermal Units, down nearly 4 cents.
In company news, LINN Energy ( LINE ) climbed about 1% in extended trade last night with the company announcing a deal to acquire natural gas properties in the Hugoton Basin of Kansas from BP plc ( BP ) for $1.2 billion. The deal is expected to close by March 30 and will be financed with proceeds from borrowings under its revolving credit facility.
BP shares eased in Monday's late trade after rising about 1% during Monday's regular session after a federal judge in New Orleans postponed until March 5 the start of a civil trial intended to assess blame in the Gulf of Mexico oil spill two years ago to give BP and other defendants extra time to work on a possible settlement.
Also, QEP Resources ( QEP ) shares were flat in after hours trading last night after pricing an underwritten public offering of $500 million of its Senior Notes. Net proceeds from the sale of the 5.375%, 10-year notes will be used to pay back debt under QEP's revolving credit facility.
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