Energy Sector Update for 04/21/2017: PTEN,VOC,SLB

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Top Energy Stocks

XOM -0.25%

CVX +0.09%

COP -0.29%

SLB -2.91%

OXY +0.14%

Energy stocks were declining Friday, with the NYSE Energy Sector Index dropping about 0.5% while shares of energy companies in the S&P 500 were down 0.6% as a group. Crude oil for June delivery was down $1.45 at $49.26 per barrel while May natural gas futures were five cents lower at $3.11 per 1 million BTU.

In company news, Patterson-UTI ( PTEN ) declined Friday after the oilfield-services company yesterday completed its $1.06 billion merger with Seventy Seven Energy, swapping 47.5 million shares of its common stock for the rival company.

As part of the transaction, Patterson-UTI repaid all $472 million of Seventy Seven debt, including using about $69 million of the target company's cash reserves. Patterson-UTI also said Thursday it has negotiated new commitments for its revolving credit facility, rising to $632 million through September 2017, and then setting a $490 million cap through March 2019.

PTEN shares were down more than 3% this morning at $21.73 a share but have roughly halved that prior loss in more recent trading.

In other sector news,

(+) VOC, (+14.2%) More than doubles upcoming quarterly distribution compared with its most recent payment of $0.08 per unit, declaring a $0.21 per unit distribution payable May 12 to investor of record on May 1.

(-) SLB, (-2.8%) Q1 revenue rises 5.7% over year-ago levels to $6.89 bln, trailing the $6.98 bln consensus call. Excluding one-time items, earns an in-line $0.25 per share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: PTEN , VOC , SLB

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