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Tuesday's Energy Stocks: US markets close lower as trade deadline looms

Broader markets closed the Tuesday, Dec. 10, session slightly lower as investors awaited news if U.S. tariffs on Chinese exports would take effect on Dec. 15. The Dow Jones Industrial Average settled at 27,881.72, down 0.10%, and the S&P 500 exited the day at 3,132.52, shedding 0.11%.

Oil and gas companies, as well as midstream and pipeline partnerships, bucked the wider decline, with the S&P 500 Energy Sector adding 0.15% to 437.49, and the Alerian MLP Index rising by 2.16% to 209.29.

Gainers for the session included EQT Corp., which increased by 2.48% to $9.09. Valero Energy Corp. noted a 2.22% gain to $94.57, and Range Resources Corp. closed 1.97% higher to $4.14, all in below-average trading.

Laredo Petroleum Inc. advanced 4.44% in heavy trading to $2.59. The company acquired 4,475 net acres in Glasscock County, Texas, for $65 million, funded by its $1 billion senior secured credit facility.

Conversely, Exxon Mobil Corp. slipped by 0.86% in active trading to $69.06. Judge Barry Ostrager with the New York State Supreme Court ruled Dec. 10 that the state's attorney general failed to prove that the oil major misled investors about its use of an assumed price on carbon dioxide emissions in making investment decisions to account for long-term climate change risks.

Following an amendment to a previously announced cash tender offer to purchase 6.875% senior notes due 2025 issued by its subsidiaries Brazos Valley Longhorn LLC and Brazos Valley Longhorn Finance Corp., Chesapeake Energy Corp.'s shares closed the Tuesday session with a 1.82% loss in above-average trading to 77.52 cents per share.

Among midstream and pipeline partnerships, Antero Midstream Corp. advanced 7.98% to $5.55; DCP Midstream LP closed 7.92% higher to $24.39; and EQM Midstream Partners LP rose by 6.29% to $24.51, all on above-average volume.

NGL Energy Partners LP closed the Tuesday session with a 5.06% gain in active trading to $10.80. Derek Reiners was appointed to the board of directors of its general partner, NGL Energy Holdings LLC, effective immediately.

Energy Transfer LP units nudged higher by 2.12% in brisk trading to $12.04. S&P Global Ratings awarded SemGroup Corp. and subsidiary HFOTCO LLC investment-grade issuer credit and senior unsecured ratings following their merger with Energy Transfer.

Electric and diversified utilities closed slightly lower, with the S&P 500 Utilities Sector down 0.04% to 317.43.

Shares of PG&E Corp. continued to advance and exited the Tuesday session with a 10.20% gain on more than twice the average volume to $12.32 despite mixed reactions to a $13.5 billion settlement agreement with victims of California wildfires linked to its utility unit Pacific Gas and Electric Co.

AES Corp. added 1.81% in light trading to $19.13 after the company increased its quarterly common stock dividend by 5%.

Other notable movers included Sempra Energy, which saw a 1.13% increase to $147.48, and NiSource Inc. posted a 1.05% gain to $27.00, both in active trading. On the other hand, Southern Co. tumbled by 1.81% in heavy trading to $60.33.

Brookfield Renewable Partners LP closed the day up 1.02% in near-average trading on the New York Stock Exchange to $48.44. The partnership announced the early termination of its normal course issuer bid and the Toronto Stock Exchange accepted its request for a new normal course issuer bid for its limited partnership units.

Mixed moves were seen across coal companies, with CNX Resources Corp. up by 2.89% in light trading to $7.12 while Alliance Resource Partners LP shed 0.49% on below-average volume to $10.16.

Looking at the solar sector, automobile manufacturer Tesla Inc. gained 2.74% in about average trading to $348.84. Canadian Solar Inc. noted a 1.36% increase in brisk trading to $19.31 while TerraForm Power Inc. closed with a 0.45% decrease to $15.34.

Market prices and index values are current as of the time of publication and are subject to change.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.