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WLL

Energy Sector Update for 02/25/2016: WLL,ETP

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Energy stocks were lower this morning, with shares of energy companies in the S&P 500 tracked by the Energy Select Sector SPDR ETF falling 0.35% as a group. Crude oil for April delivery was down 29 cents at $31.86 per barrel while April natural gas futures were 3 cents lower at $1.80 per 1 million BTU.

In company news, Whiting Petroleum Corp. ( WLL ) rose in Thursday's pre-market after it announced plans to suspend fracking as part of broader efforts to pare spending, overcoming below-consensus Q4 financial results last night.

The oil and natural gas producer reported a $0.43 per share net loss, coming in $0.13 wider than the Capital IQ consensus. Revenue fell 39.2% from last year to $423.5 million, trailing the $485.39 million Street view.

Whiting last night also said it was cutting its 2016 capital budget by around $2 billion, or about 80% from its 2015 expenditures, to $500 million. It expects to invest all but $60 million of the 2016 budget in its Bakken and Niobrara developments.

WLL shares climbed nearly 1% to $3.75 apiece in today's early session.

In other sector news, pipeline operator Energy Transfer Partners LP ( ETP ) declined this morningafter reporting a surprise Q4 net loss and a nearly 57% drop in revenue compared to the year-ago quarter, also trailing analyst estimates.

The company recorded a $0.68 per share net loss, expanding on a $0.28 per share loss last year and missing the Capital IQ consensus expecting a $0.43 per share profit. Revenue fell to $5.83 billion from $12.28 billion last year and missing the Street call looking for $8.94 billion in revenue.

ETP shares dropped over 10%to $26.70 each this morning following the subpar Q4 financial results.

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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