Energy Sector Update for 03/22/2019: EGY,PVAC,DNR,ERF,ERF.TO

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Top Energy Stocks

XOM -1.16%

CVX -1.76%

COP -2.51%

SLB -3.58%

OXY -2.31%

Energy stocks pared some of their prior declines Friday afternoon, with the NYSE Energy Sector Index falling over 2.0% while shares of energy companies in the S&P 500 were down about 2.3% as a group. West Texas Intermediate crude oil for May delivery settled 94 cents lower at $59.04 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude May contract declined 97 cents to $66.89 per barrel. April natural gas futures fell 7 cents to $2.75 per 1 million BTU. Among energy-related ETFs, the United States Oil fund fell nearly 1.7% retreat while the United States Natural Gas fund was dropping over 1.8%. The Philadelphia Oil Service Sector index was sinking nearly 4.8%.

Among energy stocks moving on news:

(-) Kosmos Energy Ltd ( KOS ) retreated Friday, sliding almost 5%, after late Thursday pricing a $650 million private placement of its 7.125% senior notes due 2026. Net proceeds will be used to fund the redemption of all $525 million of its outstanding 7.875% senior secured notes due 2021. Remaining funds will repay a portion of company debt owed under its revolving credit facility.

In other sector news:

(-) Enerplus Corp ( ERF ) dropped 3% on Friday. The Canadian energy company late Thursday was approved to begin a normal course issuer bid to buy back and retire up to nearly 16.7 million shares of its common stock, equal to 7% of its public float.

(-) Penn Virginia Corp ( PVAC ) was slipping in recent trading, sliding 4% after the oil and natural gas company and Denbury Resources ( DNR ) late Thursday said they were mutually scrapping their proposed merger, citing "difficult" market conditions and opposition by Penn Virginia shareholders to the deal.

(-) VAALCO Energy ( EGY ) fell 4% after Friday saying Phil Patman was stepping down as chief financial officer at the oil and natural gas producer to pursue other interests and will be replaced by chief accounting officer Elizabeth Prochnow as CFO, effective April 1.

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: KOS , ERF , PVAC , DNR , EGY

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