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Energy Sector Update for 01/11/2019: PTR,CKH,FTK,EQNR,CVX


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Top Energy Stocks

XOM -0.56%

CVX -0.91%

COP -2.61%

SLB -0.45%

OXY -0.42%

Energy stocks fell Friday, with the NYSE Energy Sector Index sliding nearly 0.9% lower while shares of energy companies in the S&P 500 were down over 0.7% as a group. West Texas Intermediate crude oil for February delivery settled $1.00 lower at $51.59 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude March contract declined $1.04 to $60.64 per barrel. February natural gas futures rose 13 cents to $3.10 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was dropping almost 1.6% while the United States Natural Gas fund jumped nearly 5.9%. The Philadelphia Oil Service Sector index was down over 1.3% in late trade.

In industry news:

US energy companies pulled another four oil drillrigs out of the field during the seven days ended Jan. 11, the third weekly decline in a row, according to an industry survey by Baker Hughes ( BHGE ). But the North American total surged last week, with the addition of four gas rigs in the US and with a total of 108 oil and gas rigs coming on line throughout Canada for a total of 1,259 rigs. There were 1,215 rigs in use in North America during the same week last year.

Among energy stocks moving on news:

(-) PetroChina ( PTR ) was down almost 2% in late Friday trade after the state-owned energy company and the Yantai Port Group overnight announced plans to jointly build a new liquefied natural gas receiving terminal at Yantai Port. The $2 billion project also will include expanding the existing crude oil terminal, the companies said.

In other sector news:

(+) Flotek Industries ( FTK ) raced as much as 106% higher on Friday after the energy and industrial chemicals company agreed to sell its Florida Chemical Company unit to Archer Daniels Midland ( ADM ), receiving $175 million in cash for the citrus flavor business.

(+) Seacor Holdings ( CKH ) was fractionally higher in recent trading after the energy services company late Thursday said it has puchased, through a subsidiary, substantially all of GreenFix America LLC, expanding its liquefied and compressed natural gas distribution operations. Financial terms were not disclosed.

(-) Equinor (EQNR) was down 1% after the Norwegian energy major completed its acquisition of Chevron's (CVX) 40% operating interest in the Rosebank project on the UK Continental Shelf. Financial details of the transaction were not disclosed.

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 , Energy
Referenced Symbols: BHGE , PTR , FTK , ADM , CKH



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