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Energy Sector Update for 04/24/2019: RES,CVE,CVE.TO,APC,OXY,CVX,NMM

Top Energy Stocks

XOM -1.76%

CVX -2.99%

COP -1.94%

SLB -3.18%

OXY -0.95%

Energy stocks continued to add to prior declines this afternoon, with the NYSE Energy Sector Index falling almost 1.9% while shares of energy companies in the S&P 500 were down over 1.5% as a group. West Texas Intermediate crude oil for June delivery settled 41 cents lower at $65.89 per barrel in New York while the global benchmark Brent crude June contract finished unchanged at $74.51 per barrel. May natural gas futures rose 1 cent to $2.46 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 0.7% while the United States Natural Gas fund was dropping slightly just under 0.1%. The Philadelphia Oil Service Sector index was down nearly 3.2% in late trade.

Among energy stocks moving on news:

(-) RPC (RES) slumped Wednesday, sinking more than 18% after the oilfield equipment company reported Q1 earnings of $0.00 per share, missing the Capital IQ consensus expecting a $0.04 per share profit, while total revenue fell 23.3% year over year to $334.7 million, lagging the Street view by $17.3 million. It also halved its quarterly dividend compared with its most recent distribution, scheduling a $0.05 per share payment on June 10 to investors of record on May 10.

In other sector news:

(+) Anadarko Petroleum (APC) was surging this afternoon, rising 12%, after Occidental Petroleum (OXY) topped Chevron's (CVX) buyout proposal by 16.9%, offering $76 per share in cash and stock for the rival energy producer. Under terms of the $57 billion offer, Anadarko investors will receive $38 in cash and 0.6094 of an Occidental share for each of their shares. Chevron made a $65-per-share bid for Anadarko on April 12.

(-) Navios Maritime Partners LP (NMM) was near flat this afternoon, reversing an earlier decline. The tanker company Wednesday declared a cash distribution of $0.02 per equity unit for the quarter ended March 31, unchanged from its most recent payout to investors and payable May 14 to unit-holders of record on May 10.

(-) Cenovus Energy (CVE) declined Wednesday, falling 3%, after the Canadian oil and natural gas producer reported core Q1 net income of CAD0.06 per share, reversing a CAD0.61 per share net loss during the year-ago period but missing the Capital IQ consensus expecting CAD0.25 per share 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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