Energy Sector Update for 02/13/2019: SEMG,OXY,CVE,CVE.TO,BRN

Top Energy Stocks

XOM +0.64%

CVX +0.40%

COP +0.63%

SLB +0.75%

OXY -1.06%

Energy stocks have eased somewhat from their prior gains, with the NYSE Energy Sector Index climbing over 0.5% while shares of energy companies in the S&P 500 were up just over 0.9% as a group. West Texas Intermediate crude oil for March delivery settled 80 cents higher at $53.90 per barrel in New York while the global benchmark Brent crude April contract advanced $1.24 to $63.66 per barrel. March natural gas futures fell 11 cents lower at $2.58 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead nearly 1.7% while the United States Natural Gas fund was dropping more than 2.9%. The Philadelphia Oil Service Sector index was up 1.3%.

Among energy stocks moving on news:

(+) Semgroup ( SEMG ) recorded a nearly 3% advance in late trade following reports the pipeline operator was talking with an outside adviser about its options to raise capital. With the equity markets largely closed at this time for mid-stream companies, the company is considering potential joint ventures, the sale of non-core assets or an offering of preferred stock, according to Bloomberg, citing people familiar with the matter.

In other sector news:

(+) Cenovus Energy ( CVE ) rose 5% on Wednesday. The Canadian oil and natural gas producer reported a Q4 net loss of CAD1.36 per share, missing the Capital IQ consensus expecting a CAD0.27 per share net loss.

(-) Occidental Petroleum ( OXY ) fell about 1% on Wednesday after the energy major reported core Q4 net income of $1.22 per share, improving on a $0.41 per share core profit during the same quarter last year and beating the Capital IQ consensus of adjusted earnings of $1.17 per share.

(-) McDermott International ( MDR ) tumbled this afternoon, sinking nearly 25% after the oilfield-services company said it expects to report a $168 million charge against its Q4 financial results to account for an unfavorable change in its Cameron liquefied natural gas joint venture in Louisiana with Chiyoda Corp.

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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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