Energy Sector Update for 07/31/2018: BP,RRC,RIG

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Top Energy Stocks

XOM +0.13%

CVX -0.50%

COP +0.10%

SLB +0.16%

OXY +1.15%

Energy stocks were moderately higher Tuesday afternoon, with the NYSE Energy Sector index rising over 0.5% while shares of energy companies in the S&P 500 were up slightly more than 0.3% as a group. In commodities trading, West Texas Intermediate crude oil for September delivery was falling $1.06 per barrel to $69.07 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract was declining 58 cents to $74.39 per barrel. August natural gas futures were 2 cents higher at $2.81 per 1 million BTU. Among energy-related ETFs, United States Oil was slipping over 1.4% while United States Natural Gas was climbing more than 0.4%. The Philadelphia Oil-Services index was slipping less than 0.1% in recent trade.

In industry news:

Crude oil prices were drifting lower Tuesday after US President Donald Trump said he would be willing to meet with Iranian officials without conditions, easing worries the United States will move forward with economic sanctions on the OPEC member later this year. Traders have been pushing up prices in recent weeks on expectations US-led economic sanctions could remove most Iranian output from global supplies.

Among energy stocks moving on news:

+ BP ( BP ) was back near its session high in the afternoon Tuesday, rising more than 2%, after the British energy major reported a four-fold increase in its non-GAAP Q2 net income compared with year-ago levels as well as boosting its quarterly dividend by 2.5% over its most recent distribution to GBP10.25 per share, or about $0.615 per American depositary share - marking the company's first dividend increase in four years. Excluding one-time items, the company earned $0.85 per ADS during the three months ended June 30, up from $0.21 per ADS during the same quarter last year and beating the Capital IQ consensus by $0.05 per ADS.

In other sector news

+ Range Resources ( RRC ) rose as much as 4% on Tuesday after reporting Q2 financial results exceeding analyst estimates, including non-GAAP net income of $0.20 per share, up $0.14 over year-ago levels and topping the Capital IQ consensus by $0.08 per share. Revenue rose to $745 million from $565.3 million last year, beating the $671.5 million Street view.

- Transocean ( RIG ) declined Tuesday despite the marine oilfield-services company posting a surprise Q2 profit of $0.04 per share compared with the analyst mean expecting an $0.18 per share net loss for the April-to-June reporting period. Revenue grew to $790 million from $751 million last year, also surpassing the Capital IQ consensus by around $21 million.

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: BP , RRC , RIG

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