Energy Sector Update for 05/08/2019: MPC, ANDX, NINE, FTSI, XOM, CVX, COP, SLB, OXY

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Top Energy Stocks:

XOM: +0.09%

CVX: -0.07%

COP: Flat

SLB: +0.10%

OXY: +0.27%

Energy giants were mixed before the Bell Wednesday. West Texas Intermediate crude oil for June delivery was up $0.12 at $61.52 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude July contract lost $0.22 to $69.66 per barrel and June natural gas futures were 4 cents higher at $2.58 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.39%, while the United States Natural Gas fund was 1.68% higher.

Early movers include:

(-) Marathon Petroleum ( MPC ), which was down more than 2% after its subsidiary MPLX said it will acquire Andeavor Logistics ( ANDX ) in a unit-for-unit transaction in a deal valued at about $9 billion. Separately, the company reported a Q1 loss of $0.01 per share, below Wall Street expectations for a profit of $0.22.

In other sector news:

(=) Nine Energy Service ( NINE ) was unchanged after i t report ed a Q1 adjusted net income of $0.76 per share, beating the $0.22 per share average Street estimate provided by Capital IQ.

(=) FTS International ( FTSI ) was flat after it booked an adjusted diluted EPS of $0.05, missing the Capital IQ consensus of $0.09.

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: MPC , NINE , FTSI , XOM

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