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Energy Sector Update for 01/05/2018: XOM,RDC,PBR,ENLC,BHGE

Top Energy Stocks

XOM -0.77%

CVX -0.54%

COP -0.89%

SLB -0.08%

OXY -0.69%

Energy stocks were dropping Friday, with the NYSE Energy Sector Index slipping slightly more than 0.3% while shares of energy companies in the S&P 500 were down nearly 0.5% as a group. Crude oil for February delivery was falling 60 cents to $61.41 per barrel while the benchmark Brent crude March contract was down 42 cents to $67.65 per barrel. February natural gas futures were down 9 cents at $2.79 per 1 million BTU. Among energy-related ETFs, United States Oil was down about 0.8% while United States Natural Gas was down over 2.7%. Also, the Philadephia oil-service sector index was down just under 1.0%.

In industry news:

Crude oil futures were fractionally lower Friday, pulling back after several days of strong gains and a slightly smaller-than-expected December jobs report. Traders also are looking to Friday afternoon's rig count by oil-services company Baker Hughes ( BHGE ) for direction, with the recent price advance seen by some as working to increase activity in the field.

Among energy stocks moving on news:

- Exxon Mobil ( XOM ) declined Friday, sinking almost 1% to a session low of $86.20 a share, despite the energy major reporting positive results from its Ranger-1 exploration well off the coast of Guyana. Drilling at the ultra-deepwater well began on the ocean floor 8,973 feet under the surface on Nov. 5 and reached a total depth of 21,161 feet. It found around 230 feet of high-quality, oil-bearing carbonate reservoir, marking Exxon's sixth offshore discovery in the Stabroek block since 2015.

In other sector news:

- Rowan Companies ( RDC ) was underwater on Friday, at one point dropping almost 3% after the contract driller said it purchased two jack-up drill rigs built in 2013 through a public auction from a Petrobras ( PBR ) subsidiary. Rowan said it had the apparent winning bid at $30 million per rig but the Brazilian energy company believed that offer was too low and the companies were eventually able to negotiate the final selling price of $38.5 million per unit. Rowan plans on deploying the rigs in the Middle East later during Q1 after taking possession at their current location in Brazilian coastal waters.

- EnLink Midstream LLC ( ENLC ) retreated after Credit Suisse Friday began analyst coverage of the pipeline company with a Neutral investment rating and a $19 price target.

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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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