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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: SDRL , PBR

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