Sector Update: Energy

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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 ( OXY ) 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 year.

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 share.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: OXY

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