Sector Update: Energy


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Energy stocks were ending mixed Thursday with the NYSE Energy Sector Index slipping about 0.3% while shares of energy companies in the S&P 500 were up 0.3% as a group. Crude oil for August delivery was down 76 cents at $103.72 per barrel while August natural gas was unchanged at $4.36 per 1 million BTU.

In company news, Seadrill Ltd ( SDRL ) was narrowly higher this afternoon and the offshore oilfield services company today saying it has begun work with its first pipe-laying vessel in Brazil's offshore Campos Basin for Peterleo Brasileiro SA ( PBR ), the state-owned energy firm.

The five-year project -- to be completed through a SDRL joint venture with SapuraKencana and IHC Merwede -- began three months ahead of schedule and has an estimated value of $445 million during its initial term, which also can be renewed for an additional five years.

SDRL shares were up just 0.1% at $40.00 each in recent trade, earlier climbing to a session high of $40.08 a share. The stock has a 52-week range of $32.40 to $48.09 a share, addig about 9% in value over the past 12 months.

PBR American depository shares were little changed this afternoon at $14.44 each.

In other sector news,

(+) SHIP, (+12.5%) Reports Q1 net income of $83.5 mln, or $6.98 per share, up from $1.07 mln during same quarter last year. Net revenue declines 64% year over year to $2.0 mln, reflecting a smaller fleet in operation compared to year-ago levels.

(-) RSPP, (-2.5%) Reduced to Neutral from Buy at UBS.

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

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This article appears in: Investing , Commodities
More Headlines for: SDRL , PBR

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