Energy Stocks Sinking as Crude Oil Continues Big Slide; Midstates Petroleum Dips 5% on Q1 Results


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Energy stocks are mostly lower this afternoon with the NYSE Energy Sector Index falling 0.60% while the S&P Energy Index is off 1.09%. Crude oil for July delivery is off 2% at $86.09 a barrel following an unexpected build in U.S. inventories last week.

Among the companies posting the largest percentage declines, Hombeck Offshore Services Inc ( HOS ), Transportadora de Gas Del Sur S.A. ( TGS ) and Tesoro Corp ( TSO ) all down around 5%. Noble Corp. ( NE ) has falled 4% and Hyperdynamics Corp ( HDY ) has slipped 3.3%.

Among the handful of winners today are WSP Holdings Ltd. (WH) climbing 2.27%, Eni SpA (E) adding 2% and Sasol Ltd. (SSL) gaining around 1%.

In company news, Midstates Petroleum (MPO) is down about 5% at $14.48 and has hit a new year low $10.95 after reporting a Q1 EPS loss of $0.16, versus a loss of $0.15 reported in Q1 2011.

Revenue for the quarter came in at $30.24 million, up from $13.16 million in the year-ago quarter. Net revenue in the most recent quarter were reduced by a $24.6 million loss on commodity deriviative contracts, offsetting big gains in oil and natural gas liquids sales.

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 , Commodities
More Headlines for: HDY , HOS , NE , TGS , TSO

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