Energy Sector Update for 03/05/2019: ZN,GDP,TOT,XOM

Top Energy Stocks

XOM -0.44%

CVX +0.50%

COP -1.85%

SLB -1.47%

OXY -0.31%

Energy stocks turned moderately lower in late Tuesday trading, with the NYSE Energy Sector Index falling almost 0.3% while shares of energy companies in the S&P 500 were down nearly 0.6% as a group. West Texas Intermediate crude oil for April delivery settled 3 cents lower at $56.56 per barrel in New York while the global benchmark Brent crude May contract rose 25 cents to $65.92 per barrel. April natural gas futures rose 3 cents to $2.88 per 1 million BTU. Among energy-related ETFs, the United States Oil fund climbed nearly 0.3% while the United States Natural Gas fund was adding over 1.1% in value. The Philadelphia Oil Service Sector index was down slightly more than 1.1%.

Among energy stocks moving on news:

(+) Zion Oil & Gas ( ZN ) rose almost 3% after Israeli regulators approved an extension of its Megiddo-Jezreel exploration license through Dec. 2, 2020. The Energy Ministry also signed off on the company's 2019 work plan for the Megiddo-Jezreel license region, including completion of its survey design and surface layout ahead of it acquiring more government permits and negotiating potential changes to crops, irrigation pipes and other surface features.

In other sector news:

(+) Goodrich Petroleum ( GDP ) climbed 5% on Tuesday after reporting Q4 net income of $0.58 per share, reversing a $0.17 per share net loss during the year-ago period and topping the Capital IQ consensus looking for a $0.43 per share profit for the three months ended Dec. 31.

(+) Total ( TOT ) was fractionally higher after the French energy major announced a definitive agreement to acquire a 10% direct interest in the Arctic LNG 2 liquefied natural gas development on the Gydan Peninsula in Russia from Russian natural gas producer Novatek.

(-) ExxonMobil ( XOM ) was edging lower in recent trading after the energy major Tuesday raised its outlook for production growth in the Permian Basin by nearly 80% over its prior forecast, saying it expects to be producing over 1 million barrels of oil equivalent per day in western Texas as soon as 2024.

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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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