Shares of renewable fuels producer Pacific Ethanol (NASDAQ:PEIX) lost more than a third of their value on the day, subsequent to the firm’s announced intentions to offer an unspecified number of units of common stock and warrants. Proceeds from the sale are expected to be used to expand Pacific’s ownership investment in New PE Holdco, which owns ethanol production facilities which are managed by PEIX, and also for general corporate purposes.
Weakness in the steel-making coal market, along with problems in Arch Coal’s (NYSE:ACI) power-plant coal division, have prompted Moody’s to lower the firm’s credit rating deeper into junk status. Alpha Natural Resources (NYSE:ANR) received the same treatment, as Moody’s predicts that ANR’s debt metrics to deteriorate further in 2013, commenting that the firm will probably continue to operate at reduced volumes.
Talisman Energy (NYSE:TLM) shares climb on the company’s decision to not proceed in the next phase of Sasol’s (NYSE:SSL) gas-to-liquids facility in western Canada, after completing a feasibility study. A company spokesperson commented that, “Talisman’s immediate focus is to accelerate investment in near-term liquids opportunities, with the goal of increasing liquids and oil-linked gas production to 300,000 barrels a day by 2015”.
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