Markets
WPX

Sector Update: Energy

Energy stocks were broadly higher Tuesday with the NYSE Energy Sector Index rising about 1.4% while shares of energy companies in the S&P 500 were up about 0.8% as a group. Crude oil for September delivery slid another $2.97 today, settling at $94.34 per barrel while September natural gas was up 9 cents to $3.88 per 1 million BTU.

In company news, WPX Energy ( WPX ) rose to a record higher Tuesday after the exploration and production company announced deals last night to sell its remaining coalbed methane holdings in the Powder River Basin of southeast Montana for $155 million in cash.

As part of the transaction, WPX also is selling firm transportation with $30 million in future demand obligations. WPX has not actively drilled in the basin since 2011.

WPX shares were up nearly 4% at $24.79 a share, earlier climbing to a new, all-time high of $25.00 a share.

In other sector news,

(+) MNGA, Signs letter of intent to buy an unidentified industrial gas-distribution company with around $2 mln in estimated 2014 gross revenue. Details will be released once definitive agreements are signed, expected in around 90 days.

(-) TLLP, Prices public offering of 2.1 mln common units representing limited partnership interests to generate $144 mln in gross proceeds. Shares were priced at $68.57 each, a 2.75% discount to Monday's closing price for the stock.

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

WPX

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