Sector Update: Energy


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Energy stocks are fractionally lower today as a group with the NYSE Energy Sector Index slipping 0.25% while the S&P Energy Index is down 0.28%. Crude oil for August delivery is down 13 cents at $79.08 a barrel. July natural gas is off 2 cents at $2.672 per 1 million BTU.

In company news, WSP Holdings Limited ( WH ) is now down 4% at around $1.23, but off a day low $1.10 after the oilfield services company reported a Q1 net loss of $0.81 a share, wider than the $0.67 a share loss in the year-ago quarter. Revenues declined 1.3% to $129.5 million. There currently is no analyst coverage for the company.

In other news,

(+) NXY, (+3.3%) Reaches 2 milestones at Long Lake, Alberta, upgrade, producing first oil from pad 12 and initial steam into pad 13.

(-) SZYM, (-5%) Breaks ground on renewable-oil production facility adjacent to BG Moema sugarcane mill in Brazil.

(-) BP, (0.1%) Sells minority interest in UK North Sea oil & gas fields to Mitsui & Co. for $280 million cash.

(+) LPH, (+6.7%) Chinese refiner reports 4.6% year-over-over increase in revenues during April and May to $89 million.

(-) SM, (+0.7%) Exploration & production company launches $300-million offering of senior unsecured notes due 2023. Proceeds to repay existing debt.

(+) GEVO, (+8.9%) Partnering with BIOF to explore high-volume production of isobutanol. BIOF shares down 1.1%.

(-) KBR, (-0.8%) Selected by Hoegh LNG for preliminary front-end engineering and design studies for offshore natural gas projects in Australia and Israel.

(-) PDC, (-2.7%) Received authorization to transfer stock listing to New York Stock Exchange beginning on Thursday.

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

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