Crude-oil futures increased in electronic trading during Asia hours Friday, gaining support from a feebler US currency and signals of strength in the Chinese economy to broaden weekly gains.
Oil for January delivery increased 61 cents to $86.49 per barrel on the New York Mercantile Exchange.
On the other hand, Energy stocks exchanged lower Thursday, with shares of Phillips 66 among the top losers as the refiner stated it would form a fresh entity to introduce in the stock market coming year.
Phillips 66 (NYSE:PSX), which ConocoPhillips spun off previously this year, stated it would move transportation assets to a master restricted partnership that would introduce in the stock market in the second quarter of 2013. Shares declined 1.6%. [article_detail_ad_1]
The refiner stated that the deal would yield between $300 million and $400 million. The assets could comprise crude and product pipelines and terminals, natural-gas liquids assets or rail cars and infrastructure, but it was uncertain what part of Phillips 66’s business would go to the MPL, analysts at Simmons stated in a note.
Phillips 66 as well declared a $3.7 billion capital-expenditure plan for coming year, almost 6% above its 2012 budget. In the meantime, shares of ConocoPhillips (NYSE:COP) fell 0.6%.
Williams Companies, Inc. (NYSE:WMB) slipped 0.4% at $31.02. The firm stated that it is offering of 46.5 million shares valued at a 0.4% discount to its Wednesday ending price.
The energy firm stated that the offering priced at $31 per share. It had 627.3 million shares outstanding as of October 26.
On Tuesday, Williams decided to purchase a 50% interest in privately held Access Midstream Partners GP and about 25% of limited-partner units of Access Midstream Partners LP for almost $2.4 billion. The firm stated that it is offering the shares to assist finance its investment.