Sector Update: Energy


Energy shares were mixed in pre-market trade Thursday as crude oil futures rose.

Light, sweet crude oil for August delivery was up 1.47% at $102.69 per barrel. In other energy futures, heating oil was flat at $2.86 per gallon while natural gas was down 1.07% at $4.08 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was up 1.55% at $37.89. The United States Natural Gas ETF ( UNG ) was down 1.15% at $22.40.

In other energy news, Baker Hughes ( BHI ) reported a sharp increase in earnings for Q2 2014 as a result of revenues reaching record levels, reflecting "improved execution and the rapid deployment of innovative new products and services around the world."

The oilfield services provider said adjusted net earnings totaled $404 million, or $0.92 per diluted share, up from adjusted net earnings of $240 million, or $0.54 per diluted share, in the same period last year. The Capital IQ consensus was for diluted EPS of $0.90.

On a GAAP basis, net earnings were $353 million, or $0.80 per diluted share, versus $240 million, or $0.54 per diluted share, a year earlier.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: USO , UNG , BHI

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