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Energy Stocks Sliding Today; Schlumberger Down 1.5% as Q1 Earnings Retreat From A Year Ago
By: MT Newswires
Top Energy Stocks
Energy stocks are lower today with the NYSE Energy Sector Index sinking less than 0.1% and the S&P Energy Index falling nearly 0.5%. Crude oil for May delivery is up 22 cents to $87.95 per barrel. May natural gas is down 2 cents at $4.38 per 1 mln BTU.
In company news, Schlumberger Ltd ( SLB ) is down 1.5%, giving back an earlier run as high as $73.70 after reporting Q1 per-share net income that fell from year-ago levels but still managed to beat the Street view for the sixth quarter in a row.
The world's largest oilfield services company earned $1.01 per share during the quarter ended March 31, excluding certain items, $0.02 better than analyst estimates. Revenue rose 7.6% year over year to $10.67 bln, roughly in-line with the Thomson Reuters consensus looking for $10.71 bln.
Looking forward, SLB said its overall outlook for 2013 global economic growth as well as fundamentals of the oil and gas industries remains little changed from its prior forecasts, explaining it expects North American oil supplies to keep growing while other non-OPEC production will likely face more challenges.
In other sector news,
(+) STO, (+1.3%) announced making a significant new discovery offshore Norway, containing 40-150 million recoverable barrels of oil equivalents. The Norwegian group sit the discovery said the discovery, in the Gullfaks field had further upside potential and would extend the life of the field which which was originally expected to extend to 2030.
(-) BHI, (-2.3%) reported first quarter 2013 adjusted net earnings of $290 million, or $0.65 per diluted share, compared to consensus estimate of $0.63. Revenues totaled $5.2 billion, in line with consensus estimate. Year-ago earnings per share was $0.86, with revenues of $5.4 billion.