Energy stocks were sharply lower Thursday, with the NYSE Energy
Sector Index sinking 1.9% while shares of energy companies in the
S&P 500 were down almost 0.9% as a group. Crude oil for August
delivery was up $1.37 at $102.57 per barrel while August natural
gas was down 16 cents to $3.96 per 1 million BTU.
In company news, Newfield Exploration (
) rose to a three-year high Thursday after the oil and gas company
raised its full-year production guidance, with oil volumes growing
about 30% over year-ago levels.
Looking forward to the rest of the year, NFX is now expecting to
produce between 46.5 million to 48.5 million barrels of oil
equivalent, up from its prior forecast by at least 2.5 million
barrels. The company also increased its 2014 domestic capital
budget by another $100 million to around $1.7 billion, citing new
leasing and efficiencies with its drilling campaigns.
Q2 production reached 12.1 million barrels of oil equivalent,
NFX said, up 21% over the same quarter last year and exceeding the
its guidance for the period by around 1 million barrels. Liquids
comprised about 55% of Q2 volume.
NFX shares were up slightly more than 3% in recent trade at
$44.12 apiece, earlier climbing to a session high of $44.60 a
share, matching some of its best levels since July 2001. Over the
past 12 months, the stock is ahead more than 65%.
In other sector news,
(+) KMP, (+0.3%) Q2 revenue rises 18.6% year over year to $3.58
bln, beating estimates by $140 mln. EPS from continuing operations
of $0.43 misses by $0.15 per share. Also raises quarterly cash
distribution by 0.7% to $1.39 per share, payable Aug. 14.
(-) URZ, (-13.4%) Announces plans to sell 8 million equity units
at $1.25 apiece, with each unit consisting of one share of URZ
common stock and one-half of a warrant to buy another share,
exercisable at $1.60 a share over the next 30 months.