Top Energy Stocks
XOM -1.1%, earlier hit new year high
Energy stocks are mostly lower with the NYSE Energy Sector Index
sinking 1.1% and the S&P Energy Index falling just under 1.4%.
Crude oil for November delivery is down 49 cents at $91.61 a
barrel. November natural gas is up 5 cents at $3.64 per 1 million
In company news, Union Pacific Corp. (
) is enjoying a upswing in business from the booming shale-oil
industry, helping offset a 12% drop in volume and a 5% drop in
revenue for the rail carrier from coal shipments in its most recent
For example, drilling equipment, chemicals and sand used in
hydraulic fracturing operations are being shipped to the newly
opened shale oil and gas fields in North Dakota Ohio, Pennsylvania
and western Texas. On the return trip, the trains are hauling crude
bound for refineries in California, Texas and Louisiana.
Overall, UNP yesterday said its earnings rose 15% in Q3, posting
a $2.19 a share profit. Revenue jumped 4.7% to $5.34 billion
Analysts polled by Thomson Reuters had been expecting $2.18 a share
on $5.39 billion in revenue.
UNP shares are lower today, sliding about 1.4% to near $123.50
apiece, but still at the top end of its 52-week range.
In other sector news,
(-) SLB, (-1.3%) Reports Q3 earnings of $1.08 a share, ex items,
up $0.12 from year-ago levels and beating the Capital IQ consensus
by $0.01. Revenues rose 11.1% to $10.61 billion, trailing
expectations by $40 million.
(-) PGH, (-2.6%) Agrees to sell $300 million of its 3.450% notes
due in November 2022. Offering is expected to close Oct. 23.
(-) CPNO, (-5.1%) Announces 6 million unit offering. Plans to
use proceeds to repay a portion of its revolving credit facility,
using the increased borrowing capacity as needed for capital
projects, acquisitions and other general corporate purposes.
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