Energy stocks are still quiet this morning with the NYSE Energy
index (^NYE) finishing with a 0.50% gain during yesterday's regular
session and the S&P Energy index (^IXE) rising 0.20%.
Crude oil is higher this morning with the April NYMEX contract
gaining 13 cents at $106.41 per barrel while April Brent futures
are up nearly 1% at $124.12 per barrel, climbing $1.22 after
earlier touching $124.50. March natural gas is up almost 3 cents at
$2.669 per 1 million British Thermal Units.
In earnings news from last night, Whiting Petroleum (
) gained nearly 3% in after hours trading after reporting Q4
earnings of $1.05 a share versus the $0.94 a share Street call.
Revenues rose 20.6% to $498.6 million, also beating analysts'
estimates. The company produced 6.50 million barrels of oil
equivalent during the quarter, with 5.45 million barrels made up by
crude oil and natural gas liquids and the remaining 16% comprised
of natural gas production. Daily production was 70,685 barrels up
from 67,900 barrel per day in the year-ago quarter.
After an initial surge, Penn Virginia Corp (
) shares lost nearly 5% in late trading last night when the
independent oil and gas company's reported Q4 earnings that beat
analysts' estimates but also offered 2012 guidance that fell short
of most forecasts. PVA posted a $0.14 net loss during its latest
reporting period, topping both the $0.24 a share loss in its
year-ago quarter as well as the $0.27 a share loss that analysts,
on average, had been expecting, according to Thomson Reuters. PVA
also forecast 2012 product revenues in a range between $288 million
to $319 million while the Wall Street consensus is for $344.57
million in revenues this year. The company did not offer specific