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Energy Sector Update for 10/22/2018: WFT,HAL,TOT,CEO,BP


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Top Energy Stocks

XOM -0.98%

CVX -0.84%

COP -0.59%

SLB -3.00%

OXY +0.29%

Energy stocks were mostly lower in late afternoon trade, with the NYSE Energy Sector Index slipping almost 1.0% while shares of energy companies in the S&P 500 also were down nearly 1.1% as a group. Among energy-related ETFs, United States Oil was posting a slightly more than 0.1% gain while United States Natural Gas retreated almost 2.9%. The Philadelphia Oil Service Sector index was down slightly more than 1.4% today.

Among energy stocks moving on news:

(-) Weatherford International ( WFT ) was down about 2% in late Monday trading, recovering from a nearly 5% decline earlier in the session that followed the oilfield service company agreeing to sell its laboratory services business to a group led by CSL Capital Management for $205 million in cash. The sale also includes Weatherford's geological analysis business along all of its associated personnel and contracts. After the transaction, Weatherford will collaborate with CSL Capital to provide services to their joint customers.

In other sector news:

(-) BP ( BP ) was extending its Monday decline this afternoon, falling over 2%, despite securing approval to move forward with the Alligin development located west of the Shetland Islands, which forms part of the Greater Schiehallion Area. The new project will consist of two wells drilled by the Deepsea Aberdeen rig and is expected to produce a peak 12,000 barrels gross of oil equivalent per day.

(-) Total ( TOT ) dropped as much as 2% on Monday after agreeing to boost the contract volume of liquefied natural gas it will supply to CNOOC ( CEO ) by 50% over its prior agreement to 1.5 million tons per year. The revised agreement also extends its term by an extra five years to 20 years.

(-) Halliburton ( HAL ) retreated Monday, sinking nearly 4%, despite the oilfield-services company reporting improved Q3 financial results compared with the year-ago period and also exceeding Wall Street expectations. It earned $0.50 per share on $6.17 billion in revenue during the three months ended Sept. 30, up from $0.42 per share on $5.44 billion in revenue during the same quarter last year. Analysts, on average, were expecting Halliburton to earn $0.49 per share on $6.1 billion in revenue.

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: WFT , BP , TOT , CEO , HAL



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