Energy stocks are adding to their earlier losses with the NYSE Energy Sector Index declining 0.4% while shares of energy companies in the S&P 500 are also down 0.2% as a group.
In company news, Cheniere Energy ( LNG ) rose to a new 52-week high, reaching $44.85 a share after the liquefied natural gas company late yesterday said its Corpus Christi Liquefaction LLC subsidiary signed a 20-year sale and purchase agreement with PT Pertamina.
Under the agreement, Pertamina will purchase about 800,000 million tons of LNG yearly as soon as operations begin at the facility now being developed near Corpus Christi, Texas. A 2018 start currently is expected, with the facility projected to produce up to 13.5 million tons per year.
The Pertamina purchases will be indexed to the monthly Henry Hub price plus a fixed component. In addition to the initial 20-year term, the contract has an extension option of up to 10 years.
In other sector news,
(+) AAV, New Upper Montney well tests at 21.2 mln cubic feet per day, with the company saying gas flow from the well is two to three times better than older adjacent wells. Also said it is now reviewing bids submitted through its strategic process.
(-) PDS, Alberta Investment Management Company unloads its entire stake in the oilfield services company, selling 56 million shares.
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.