Top Energy Stocks
Energy stocks were dropping, with the NYSE Energy Sector Index falling 0.6% while shares of energy companies in the S&P 500 slumped 0.6% as a group. Crude oil for February delivery was falling 66 cents to $63.29 per barrel in New York while the benchmark Brent crude March contract was down 73 cents to $68.58 per barrel. February natural gas futures were a penny higher at $3.20 per 1 million BTU. Among energy-related ETFs, United States Oil was down 0.7% while United States Natural Gas also was down 0.7%. The Philadephia oil-service sector index was off nearly 0.4%.
In industry news:
Traders will be looking for Baker Hughes' ( BHGE ) weekly rig count due out at 1 p.m. ET.
Navios Maritime Acquisition ( NNA ), downgrade to Neutral from Overweight at JP Morgan.
Among energy stocks moving on news today:
- Schlumberger ( SLB ) fell Friday, dropping nearly 3% to a session low of $76.37 a share although the oilfield services giant reported a $0.48 per share Q4 profit, improving on $0.27 per share during the same quarter last year and beating the Capital IQ consensus by $0.03 per share. Revenue grew 15% over year-ago levels to $8.18 bln, also topping the $8.12 bln Street view. The company also said its FY18 capital spending will likely total around $2 bln, excluding multiclient and SPM investments, which is little changed from FY16 and FY17 levels.
In other sector news:
+ Golar LNG Partners ( GMLP ) was edging higher after signing a 15-year contract for a floating storage and regasification unit in the Atlantic Basin beginning during the final three months of 2018. The vessel is projected to generate between $18 mln to $22 mln in operating income each year before depreciation and amortization although the charter rate will vary based on demand for regasification throughput.
- National Oilwell Varco ( NOV ) declined after the oilfield-services company said it will take a $120 mln to $140 mln pre-tax Q4 restructuring charge to account for the combination of its rig systems and rig-aftermarket reporting segments. The company said it also expects its Q4 results will match or possibly exceed prior forecasts, excluding the charge.