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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.
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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.
