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Energy Sector Update for 02/25/2019: MDR,KOS,PAA

Interacting with graphics

(Corrects headline to show energy stocks mixed in afternoon trading)

Top Energy Stocks

XOM +0.27%

CVX +0.40%

COP -0.55%

SLB +1.15%

OXY +0.42%

Energy stocks were narrowly mixed, with the NYSE Energy Sector Index falling about 0.1% while shares of energy companies in the S&P 500 were up nearly 0.2% as a group. West Texas Intermediate crude oil for April delivery was slipping $2.04 to $55.22 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude April contract was declining $2.42 to $64.70 per barrel. March natural gas futures were 6 cents higher at $2.78 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling 3.6% while the United States Natural Gas fund was rising nearly 2%. The Philadelphia Oil Service Sector index also was up nearly 0.9%.

Among energy stocks moving on news:

(+) McDermott International ( MDR ) was trading 1% higher in recent trading. The oilfield-services company Monday announced today a large contract award valued at least $50 million from Saudi Aramco for engineering, procurement, construction and installation services at two existing offshore platforms in the Marjan field near Saudi Arabia. The company also posted Q4 results below Street expectations.

In other sector news:

(+) Kosmos Energy ( KOS ) was more than 12% higher Monday afternoon after the oil and natural gas producer began a new dividend program, declaring a $0.0452 per share dividend payable March 28 to the shareholders of record on March 7.

(-) Plains All American Pipeline LP ( PAA ) was fractionally lower after the oil and natural gas transportation and storage company said it has named Chris Chandler as its new chief operating officer, effective March 1. Chandler currently is the senior vice president for strategic planning and acquisitions at the company.

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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