Broader markets saw a downward trend toward the end of Tuesday, May 30, while energy-specific indexes remained mixed coming off a long holiday weekend in the U.S.
The Dow Jones Industrial Average closed at 21,029.47, down 0.24%, while the S&P 500 slid 0.12% to 2,412.91. The SNL Energy index followed suit, ending the day at 289.75, slipping 0.59%.
Atwood Oceanics Inc. leaped 24.26% to reach $10.04 on more than 12 times the average volume after rival offshore driller Ensco plc agreed to acquire it in an all-stock transaction to form a combined company with an estimated enterprise value of $6.9 billion. Ensco shares fell 5.07% to $6.36 on heavy volume.
Kinder Morgan Inc.'s Canadian indirect subsidiary Kinder Morgan Canada completed its C$1.75 billion IPO at C$17 per share. The proceeds will be used to fund the Trans Mountain pipeline project. Kinder Morgan lost 4.31% to end the day at $18.42 on above-average volume, although the decline was in line with an overall decline in midstream sector stocks. Kinder Morgan Canada closed at C$16.24, down 0.06%.
LINN Energy Inc. agreed to sell certain acreage in its Salt Creek Field in Wyoming to Denbury Resources Inc. for $71.5 million, raising enough proceeds to clear all remaining debts. Denbury closed down 4% on slow trading at $1.68, while LINN Energy finished down 0.84% to $31.39 on light volume.
Summit Midstream Partners LP subsidiary Summit Midstream Holdings LLC extended the maturity date of its $1.25 billion revolving credit facility by about three-and-a-half years, from November 2018 to May 2022. Summit Midstream closed at $23.05 losing 0.86% on light volume.
Paramount Resources Ltd. retreated 2.71% to finish active trading at C$20.83 after closing its sale of oil and gas properties in Alberta's Valhalla area to an undisclosed buyer for about C$150 million in cash.
The SNL Midstream Energy index decreased 2.02% to 113.80, and the SNL MLP index slid 1.63% to 294.93.
Solar panel manufacturer First Solar Inc. had a good start to the week. The stock spiked 7.22% to $39.50 on active trading volume.
The U.S. is considering putting emergency "safeguard" tariffs on imported solar cells, according to a World Trade Organization filing published May 29.
Canadian Solar Inc landed a supply contract in the Middle East, providing 268 MW of modules for the first phase of the 800-MW Mohammed bin Rashid Al Maktoum solar project in Dubai. Canadian Solar advanced 2.27% to reach $13.54 on slightly below-average trading volume.
The SNL Merchant Generator index added 1.02% to close at 89.77.
July natural gas futures took the lead from the expired June contract on the defensive, starting its run following the long Memorial Day holiday weekend sinking to a $3.142/MMBtu low and settling the Tuesday, May 30, trading session down 16.5 cents at $3.145/MMBtu.