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.
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