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Energy Sector Update for 01/18/2019: UPL, GPOR, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +1.07%

CVX: +1.15%

COP: Flat

SLB: +5.32%

OXY: Flat

Energy stocks were advancing pre-market Friday. West Texas Intermediate crude oil for February delivery was up $0.59 to $52.66 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude March contract gained $0.63 to $61.81 per barrel and February natural gas futures were down 19 cents at $3.22 per 1 million BTU.

Stocks moving on news include:

(+) Ultra Petroleum ( UPL ), which was surging by more than 48% as the US Court of Appeals for the Fifth Circuit issued a favorable opinion on its appeal over so-called make-whole claims relating to its Chapter 11 bankruptcy in 2016, reversing an earlier court decision that required it to pay $400 million to certain creditors.

(+) Gulfport Energy ( GPOR ) was over 8% higher after the company said its board approved up to $400 million for share buybacks and said it expects 2019 total capital expenditures of $565 million to $600 million to be funded entirely within cash flow.

(+) Schlumberger ( SLB ) was up more than 4% as i t report ed Q4 earnings of $538 million, or $0.39 per share. That compares with a loss of $2.26 billion, or $1.63 in the year-earlier period. On a non-GAAP basis, the company earned $0.36 per share, missing analysts' estimates provided by Capital IQ for EPS of $0.37.

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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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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