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Energy Sector Update for 02/04/2016: XOM, BAC, C, COP, CVX

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Top Energy Stocks

XOM +1.3%

CVX +0.5%

COP -8.1%

SLB -0.5%

OXY -1.6%

Energy stocks were ending broadly mixed after crude oil prices slipped on Thursday, with the NYSE Energy Sector Index (^NYE) adding 0.7% while shares of energy companies in the S&P 500 (^IXE) were down 0.2% as a group, dragged down by an 8% loss by ConocoPhillips ( COP ).

Crude oil for March delivery (CLH16.NYM) settled $0.32 lower at $31.66 per barrel, while March natural gas futures (NGH16.NYM) fell $0.06 cents to $1.97 per 1 million BTU.

In company news, ConocoPhillips shares fell after reporting earnings declined to $0.90 per share, missing estimates compiled by Capital IQ for a $0.64 loss. Revenue dropped to $6.77 billion from $11.85 billion, missing the $7.27 billion consensus.

On a reported basis, the company had a loss of $3.45 billion or $2.78 per diluted share compared to a loss of $39 million or $0.03 a year ago. ConocoPhillips also reduced its quarterly dividend to $0.25 per share from $0.74 paid in the preceding quarter.

Occidental Petroleum ( OXY ) shares fell after the oil and gas exploration and production company reported a core loss of $0.17 per diluted share compared to a profit of $0.72 a year ago, missing the $0.14 loss that had been expected by analysts polled by Capital IQ.

Revenue fell to $2.81 billion from $4.31 billion and was shy of the $2.85 billion consensus. On a reported basis, the net loss widened to $5.18 billion or $6.78 per diluted share from a loss of $3.41 billion or $4.41 a year ago, weighed down by $5.4 billion in after-tax charges, mostly due to impairments.

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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