Energy Sector Update for 04/22/2019: REI,PBR,SLB,HAL

Top Energy Stocks

XOM +2.34%

CVX +1.74%

COP +1.57%

SLB +0.65%

OXY +1.83%

Energy stocks rose sharply on Monday, following crude oil prices higher after the White House ended sanction waivers on Iranian energy exports. At last look, the NYSE Energy Sector Index climbing 1.8% while shares of energy companies in the S&P 500 were up almost 2.0% as a group. West Texas Intermediate crude oil for May delivery settled $1.70 higher at $65.70 per barrel while the global benchmark Brent crude June contract advanced $2.18 to $72.15 per barrel. May natural gas futures rose 3 cents to $2.52 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was posting a 2.7% gain while the United States Natural Gas fund was ahead more than 0.8%. The Philadelphia Oil Service Sector index was up nearly 2.9%.

Among energy stocks moving on news:

(+) Ring Energy (REI) climbed nearly 4% after the oil and natural gas producer Monday said it drilled seven new horizontal wells and four salt water disposal wells during the first three months of 2019. Four of the horizontal wells were completed by mid-February and had a significant impact on Ring's Q1 production while the other wells were finished too late in the quarter to have a material impact for the company, it said.

In other sector news:

(+) Petrobras (PBR) was fractionally higher after the Brazilian energy major late Thursday said it completed the 3-SES-192 well in the Sergipe offshore basin Moita and also confirmed the extension of a natural gas discovery with a total thickness of 39 meters in a reservoir 5,227 meters under the seafloor. The company has a 75% operating share of the project, with ONGC owning the remaining 25%.

(+) Schlumberger (SLB) was up 1% on Monday after the oilfield-services firm sold its drilling subsidiary in Saudi Arabia to the privately held Arabian Drilling Company, according to a Reuters report, citing an article in the Al Maaal newspaper.

(-) Halliburton (HAL) was slightly lower Monday afternoon. The oilfield-services giant reported $5.74 billion in revenue, roughly even with the year-ago period and trailing the Capital IQ consensus expecting $5.53 billion in revenue for the three months ended March 31.

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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