Energy Sector Update for 02/13/2019: OXY,CVE,BRN

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Top Energy Stocks

XOM +0.51%

CVX +0.29%

COP +0.81%

SLB +1.25%

OXY -0.15%

Energy stocks were rising this afternoon, with the NYSE Energy Sector Index climbing nearly 0.7% while shares of energy companies in the S&P 500 were up almost 0.9% as a group. West Texas Intermediate crude oil for March delivery was rising $1.10 to $54.20 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude April contract was advancing $1.25 to $63.67 per barrel. March natural gas futures were 9 cents lower at $2.60 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead nearly 2.1% while the United States Natural Gas fund was dropping more than 1.9%. The Philadelphia Oil Service Sector index was up nearly 1.3%.

Among energy stocks moving on news:

(+) Occidental Petroleum ( OXY ) climbed nearly 1% on Wednesday after the energy major reported core Q4 net income of $1.22 per share, improving on a $0.41 per share core profit during the same quarter last year and beating the Capital IQ consensus of adjusted earnings of $1.17 per share.

In other sector news:

(+) Cenovus Energy ( CVE ) rose almost 5% on Wednesday. The Canadian oil and natural gas producer reported a Q4 net loss of CAD1.36 per share, missing the Capital IQ consensus expecting a CAD0.27 per share net loss.

(-) McDermott International ( MDR ) tumbled this afternoon, sinking nearly 24% after the oilfield-services company said it expects to report a $168 million charge against its Q4 financial results to account for an unfavorable change in its Cameron liquefied natural gas joint venture in Louisiana with Chiyoda Corp.

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: OXY , CVE , MDR , BRN

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