Top Energy Stocks
Energy stocks are lower today with the NYSE Energy Sector Index
sinking less than 0.1% and the S&P Energy Index falling nearly
0.5%. Crude oil for May delivery is up 22 cents to $87.95 per
barrel. May natural gas is down 2 cents at $4.38 per 1 mln BTU.
In company news, Schlumberger Ltd (
) is down 1.5%, giving back an earlier run as high as $73.70 after
reporting Q1 per-share net income that fell from year-ago levels
but still managed to beat the Street view for the sixth quarter in
The world's largest oilfield services company earned $1.01 per
share during the quarter ended March 31, excluding certain items,
$0.02 better than analyst estimates. Revenue rose 7.6% year over
year to $10.67 bln, roughly in-line with the Thomson Reuters
consensus looking for $10.71 bln.
Looking forward, SLB said its overall outlook for 2013 global
economic growth as well as fundamentals of the oil and gas
industries remains little changed from its prior forecasts,
explaining it expects North American oil supplies to keep growing
while other non-OPEC production will likely face more
In other sector news,
(+) STO, (+1.3%) announced making a significant new discovery
offshore Norway, containing 40-150 million recoverable barrels of
oil equivalents. The Norwegian group sit the discovery said the
discovery, in the Gullfaks field had further upside potential and
would extend the life of the field which which was originally
expected to extend to 2030.
(-) BHI, (-2.3%) reported first quarter 2013 adjusted net
earnings of $290 million, or $0.65 per diluted share, compared to
consensus estimate of $0.63. Revenues totaled $5.2 billion, in line
with consensus estimate. Year-ago earnings per share was $0.86,
with revenues of $5.4 billion.
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