Energy Biz Review: Statoil HIT By Strike, Chesapeake UP On A Down Friday
Shares of the coal mining firm Walter Energy (NYSE:WLT) lost nearly 10 percent of their value Friday, following S&P’s downgrade of uts junk-level credit ratings to negative from stable on word that WLT will post weaker-than-expected profits.
The work stoppage-now-lockout in Norway is costing its Statoil (NYSE:STO) firm 1.2 million barrels of oil per day, and now oil shares fall with it. The strike continues as little or any progress is made in collective bargaining disputes.
Chesapeake Energy Corp. (NYSE:CHK) shares were up Friday on an otherwise down day, as natural gas futures sold off. However, Henry Hub gas spot prices rose by one percent, which helped out not only CHK shares, but also those of Atlas Pipeline Partners (NYSE:APL) and Oneok Partners (NYSE:OKS)
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