Top Energy Stocks
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.