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Name | Symbol | Market | Type |
---|---|---|---|
Plains All American Pipeline | NYSE:PAA | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.76 | 0 | 01:00:00 |
By Josh Beckerman
Two companies in the hard-hit energy sector unveiled plans for equity offerings Wednesday, with oil and gas producer Noble Energy Inc. and energy infrastructure and logistics company Plains All American Pipeline LP both planning to sell more than $1 billion in stock.
Noble shares fell 3.6%, to $48.01, in after-hours trading, while Plains All American units were down 2.6%, at $51.25.
Both companies intend to offer 21 million units.
The offerings come as energy companies struggle to adjust in the wake of a sharp drop in crude oil prices over the past eight months.
Noble, last week, outlined a reduction in planned capital investments for 2015 of 40%, to $2.9 billion, following other energy companies that have slashed their spending. The company reported lower earnings excluding items and revenue for the fourth quarter.
Noble will use proceeds to repay credit-facility debt and for general corporate purposes.
Pipeline operators such as Plains All American receive fees for many of their services, reducing direct exposure to price volatility. However, investors have been concerned that low prices will reduce production.
Earlier this month, Plains All American reported a 26% increase in fourth-quarter earnings as lower costs offset weaker revenue. The company said it is "well positioned to manage through industry down cycles; however, we are not immune to the adverse impacts of a major step change in commodity prices that is accompanied by a similar change in producers' activity levels."
Plains All American will use proceeds to repay debt under its commercial paper program and for general partnership purposes.
Write to Josh Beckerman at josh.beckerman@wsj.com
Access Investor Kit for Noble Energy, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US6550441058
Access Investor Kit for Plains All American Pipeline LP
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US7265031051
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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