Energy Sector Update for 04/16/2019: CRK,CVX,BRS
Top Energy Stocks
Energy stocks were moderately higher, with the NYSE Energy Sector Index climbing 0.1% while shares of energy companies in the S&P 500 were up almost 0.5% as a group. West Texas Intermediate crude oil for May delivery was rising 22 cents to $63.62 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude June contract was advancing 13 cents to $71.31 per barrel, reversing a prior decline. May natural gas futures were 2 cents lower at $2.57 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead over 0.2% while the United States Natural Gas fund was dropping almost 0.6%. The Philadelphia Oil Service Sector index was up nearly 0.2%.
Among energy stocks moving on news:
(-) Comstock Resources ( CRK ) slipped more than 1% after the exploration and production company Tuesday said it has started an exchange offering for its 9.750% senior notes due 2026 after regulators declared the exchange notes registration statement effective. The new notes are essentially identical to the original notes except for their registration and unrestricted transfer rights and will be swapped for an equal face value of the original notes. The offering runs through 5 p.m. ET on May 14, unless extended.
In other sector news:
(+) Chevron ( CVX ) was fractionally higher after the company said late Monday that the Supreme Court of the Netherlands issued a ruling preventing the enforcement of a $9.5 billion Ecuadorian judgment against the energy major anywhere in the world. The decision upholds prior rulings in two Dutch lower courts as well as an international arbitral tribunal siding for Chevron by rejecting Ecuador's attempt to annul those awards.
(-) Bristow Group ( BRS ) dropped 58% to a worst-ever $0.45 a share after late Monday saying it has exercised a contractual 30-day grace period to delay paying a $12.5 million interest payment due for its 6.25% senior unsecured notes maturing in 2022. The helicopter charter company for the offshore drilling industry also said it has secured an extension from its creditors for other overdue accounts in addition to hiring financial and legal advisors to assist with exploring strategic options and finding ways to strengthen its capital position.
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