Energy stocks advanced Wednesday, led by Hess Corporation as the oil and gas firm announced it found additional oil off the coast of Ghana.
New York-based Hess Corporation (NYSE:HES) declared its fifth oil discovery in the West African nation’s field, which it possesses with little participation from Ghana’s National Petroleum Corporation. Further expansion is probable coming year.
Shares of Hess added 2.9%. Other top movers on Wednesday comprised Apache Corporation (NYSE:APA), with shares advanced 1.9%, and Peabody Energy Corporation (NYSE:BTU), which gained 1.7%. [article_detail_ad_1]
In session on Monday, Apache Corp. (NYSE:APA) crossed beneath their most recent reported book value, classified as common shareholder equity per share, of $75.36, trading as low as $74.70 a share. Apache Corp. shares were lastly closed at $77.81.
Chesapeake Energy Corporation (NYSE:CHK) shares increased 0.8%. The natural-gas producer declared late Tuesday that it was selling midstream assets, associated to transportation, storage and marketing of fuel, Access Midstream Partners LP (NYSE:ACMP) for $2.16 billion.
These assets are located mainly in the firm’s Marcellus, Utica, Eagle Ford, Haynesville and Niobrara shale plays. The transaction is likely to close by the close of 2012, Chesapeake stated in a statement.
Williams Companies, Inc. (NYSE:WMB) decided to buy a 50% stake in privately held Access Midstream Partners GP and almost 25% of limited partner units of Access Midstream Partners LP (ACMP) for almost $2.4 billion.
The move considerably expands the energy firm’s presence in 10 main shale and unusual producing regions. Williams as well revealed an offering of almost 46.5 million shares to help finance its investment.