Exxon weighs on sector; Kinder up on deal
NEW YORK (MarketWatch) --
At the closing bell, Exxon Mobil (XOM) fell 0.5% as one of the worst-performing companies in the 30-stock Dow Jones Industrial Average
, which slipped about 4 points. Shares of
Among the major gauges tracking energy-sector equities, the NYSE Arca Oil Index (XOI) ended abot flat, the NYSE Arca Natural Gas Index (XNG) dipped 0.2% and the Philadelphia Oil Service Index (OSX) eased 0.5%.
The buyer in the transaction is Tallgrass Energy Partners LP, a unit of private-equity firm Kelso & Co.
Kinder Morgan Energy Partners will receive $1.8 billion in cash as part of the deal. Its shares eased 0.5% in midday trading. The general partner of Kinder Morgan Energy Partners is owned by Kinder Morgan Inc.
The sale came after Kinder Morgan Inc. reached an agreement with the Federal Trade Commission to sell the units as part of its purchase of El Paso, a deal that closed in May.
Among them, Cabot Oil & Gas (COG) moved down by 2.1%, and Pioneer Natural Resources (PXD) declined 2.1%, while
FMC Technologies said the 1,300-employee company will help it expand its services business. "By combining the products and services of both companies, we will provide an integrated well site solution which creates client value," FMC said. Shares of FMC dropped 2%.