Sector Update: Energy


Energy stocks are higher, with the NYSE Energy Sector Index rising 0.7% while shares of energy companies in the S&P 500 are climbing 1.0% as a group. Crude oil for March delivery is up 92 cents at $97.35 per barrel while February natural gas is up 37 cents to $5.27 per 1 million BTU.

In company news, Anadarko Petroleum Corp ( APC ) shares rose Tuesday, advancing about 2.8% in recent trade despite the oil and gas company's late Monday reporting a net loss during the three months ended Dec. 31, 2013 due to legal costs tied to its 2006 acquisition of Kerr-McGee.

APC posted a Q4 net of $770 million, or $1.53 per share, reversing the company's $0.40 per share profit during the same quarter last year. Excluding costs tied to a legal challenge of Kerr-McGee's spinoff of its Tronox chemical unit that later filed for bankruptcy protection as well as the impact of derivative investments and other items, adjusted earnings fell to $0.74 - down from $0.91 last year and lagging the analyst consensus by $0.17 per share.

Revenue decreased 2.1% year over year to $3.34 billion, also missing Wall Street expectations by around $440 million.

Shares were up at $80.37 apiece in recent trade, rising about $2.20, after earlier climbing as high as $81.46 in morning trade. The stock has a 52-week range of $73.60 to $98.47 a share, rising about 6.2% through Monday's close since hitting its Dec. 13 low when a bankruptcy court ruled the energy company could be liable for as much as $14.5 billion to Tronix creditors.

The company Monday again said it disagrees with the court opinion.

In other sector news,

(+) OIS, (+4.2%) Begins construction on new employee lodging at its properties in Alberta's Athabasca oil sands region. The facility will have initial capacity in Q4 of 1,561 rooms, with the potential to expand to nearly 2,000 rooms.

(-) HP, (-1.8%) Cut to Underperform from Neutral at Credit Suisse.

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: APC

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