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Pipes that carry hot steam to well heads at Cenovus Energy's oil sands operation in Christina Lake, Alberta, Canada, June 12, 2013.
Pipes that carry hot steam to well heads at Cenovus Energy's oil sands operation in Christina Lake, Alberta, Canada, June 12, 2013.
(RICHARD PERRY/NYT)

Oil patch rings up another $165-million in equity financings

Capital keeps flowing into the oil patch, with two more companies notching sizable equity financings on Tuesday.

Energy-industry stock offerings have picked up this year along with merger and acquisition activity as investors have rediscovered the sector following a weak 2013. The rebound has accompanied strong prices for both Western Canadian heavy crude and natural gas, which spell increases in cash flow. The largest deal on Tuesday, however, was by a company with operations in Colombia and Ecuador – Canacol Energy Ltd.