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


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Energy stocks sputtered late, with the NYSE Energy Sector index Tuesday hanging on for a 0.1% rise while shares of energy companies in the S&P 500 turned negative during the final hour of the session, slipping almost 0.2% as a group. In commodities trading, West Texas Intermediate crude oil for September delivery settled $1.37 lower at $68.76 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract declined 72 cents to $74.25 per barrel. August natural gas futures fell 2 cents to $2.78 per 1 million BTU. Among energy-related ETFs, United States Oil slipped over 1.7% while United States Natural Gas climbed more than 0.6%. The Philadelphia Oil-Services index was falling more than 0.5% in late trade.

In industry news:

Crude oil prices declined Tuesday after U.S. 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 U.S.-led economic sanctions could remove most Iranian output from the global market.

Among energy stocks moving on news:

- Pioneer Natural Resources Company ( PXD ) still was lower in late Tuesday trading, falling about 1% after more than halving its previous decline, that followed the exploration and production company announcing an agreement to sell all of its assets in the West Panhandle field in Texas to an undisclosed buyer for $201 million. The deal is expected to close during the current quarter ending Sept. 30, subject to of regulatory approvals and customary closing conditions, generating a pre-tax Q3 gain between $155 million to $170 million for the company.

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.

+ BP ( BP ) was back near its session high this 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 depository 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.

- 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: PXD , RRC , BP , RIG



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