Sector Update: Energy

By Staff,

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Energy shares traded flat to higher in pre-market trade Thursday as crude oil futures were lower.

Light, sweet crude oil for June delivery was down 0.79% at $98.95 per barrel. In other energy futures, heating oil was down 0.72% at $2.91 per gallon while natural gas was down 1.06% at $4.76 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 0.83% at $36.02. The United States Natural Gas ETF ( UNG ) was down 0.34% at $26.46.

In other energy news, ConocoPhillips ( COP ) was up 1.3% after it reported Q1 earnings that were well ahead of analysts' expectations and confirmed its Q2 and FY14 production guidance.

The oil and gas exploration and production company said its Q1 earnings excluding special items rose to $1.81 per share from $1.42, exceeding the $1.55 average estimate from analysts polled by Capital IQ. Unadjusted earnings were $2.1 billion or $1.71 per share compared to $2.1 billion or $1.73 the year earlier.

"This quarter's performance gives us confidence that we are on track to achieve 3% to 5% growth in both volumes and margins, and to deliver double-digit returns to shareholders annually," CEO Ryan Lance said in a statement.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: USO , UNG , COP

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