Energy stocks were moderately higher, with the NYSE Energy
Sector Index rising 0.3% while shares of energy companies in the
S&P 500 were up about 0.4% as a group. Crude oil for June
delivery was down 60 cents at $99.16 per barrel while June natural
gas was up 3 cents to $4.70 per 1 million BTU.
In company news, shares of Occidental Petroleum Corp (
) were ahead nearly 1% in mid-day trade after the oil and gas
company reported Q1 earnings that beat analyst expectations.
OXY earned net income of $1.75 per share during the three months
ended March 31, topping the Capital IQ consensus by $0.05 per
share. Revenue grew 3.7% year over year to $6.09 billion, trailing
estimates by around $210 million.
Daily production levels during Q1 averaged about 745,000 barrels
of oil equivalent, down about 2.4% from the same quarter last
OXY shares were up about 0.5% at $94.94 apiece in recent trade,
earlier climbing to a session high of $95.38 a share. The stock has
a 52-week range of $84.91 to $99.42 a share, climbing about 7.7%
over the past year.
In other sector news,
(+) HDY, (+88.7%) Exploration partner Tullow Oil plc (TLW) on
Sunday lifts Force Majeure at the companies' offshore project in
Guinea that had been in place since March 12 when U.S. authorities
began probe into how HDY secured its concession rights.
(-) KOS, (-8.5%) Warns of $9 mln restructuring charge in Q2. Q1
revenue falls 6.6% to $613 mln, trailing estimates by $3 mln. Q1
net income of $0.19 per share beats Street view by $0.17 per
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