Top Energy Stocks
Energy stocks were mostly firmer close to the end of Friday's session, with the NYSE Energy Sector Index (^NYETR) rising by more than 0.6% while shares of energy companies in the S&P 500 ( XLE ) gained 0.3% as a group. West Texas Intermediate crude oil for June delivery was declining by 7 cents to $61.63 per barrel, while the global benchmark Brent crude July contract was advancing 27 cents to $70.66 per barrel. June natural gas futures were 3 cents higher at $2.62 per 1 million BTU. Among energy-related ETFs, the United States Oil ( USO ) fund was ahead 0.1% while the United States Natural Gas ( UNG ) fund was climbing 1.4%. The Philadelphia Oil Service Sector index (^OSX) was down more than 1%.
In industry news:
The number of oil rigs operating in the US fell by two to 805, according to data from energy services firm Baker Hughes ( BHGE ), which tracked the seven-day period ending May 10. The combined oil and gas rig count in the US fell by two to 988 as gas rigs were flat at 183. In Canada, the number of oil rigs in operation rose by five to 22 during the same period, while the number of gas rigs fell by three 41. As a result, the North American total was flat at 1,051 versus 1,124 a year ago, the data showed.
Among energy stocks moving on news today:
Obsidian Energy ( OBE ) rose more than 8% after the company, which explores and develops oil and natural gas in western Canada, reported a Q1 net loss of CAD0.11 ($0.08) per share, narrower than last year's net loss of CAD0.13 per share. Funds flow from operations were $0.07 per share, unchanged from the year-earlier period. Obsidian said Q1 production averaged 27,651 barrels of oil equivalent per day, from 29,443 barrels in the same quarter the previous year.
In other sector news:
(+) Lonestar Resources US (LONE) rose nearly 2% after the Texas-based oil and gas company filed a shelf registration statement for the sale of up to $300 million shares of its class A voting common stock, par value $0.001, from time to time.
(-) Pattern Energy Group (PEGI) fell nearly 6% after the independent power company reported a Q1 loss of $0.31 per share, compared with earnings of $1.32 in the same period a year ago and missing the estimate of $0.10 from analysts polled by Capital IQ. Total revenue of $135 million was up from $112 million in the same period a year ago and missed the Street projection of $143.4 million.