Energy Sector Update for 05/23/2019: GASS,CEO,SDRL,RDS-A,RDS-B

Top Energy Stocks

XOM -3.06%

CVX -2.84%

COP -4.41%

SLB -3.44%

OXY -0.58%

Energy stocks were sharply lower, with the NYSE Energy Sector Index falling over 3.1% while shares of energy companies in the S&P 500 were down almost 3.7% as a group. West Texas Intermediate crude oil for July delivery was slipping $3.45 to $57.97 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude July contract was declining $3.51 cents to $67.48 per barrel. June natural gas futures were 3 cents higher at $2.57 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 5.7% while the United States Natural Gas fund was rising almost 0.6%. The Philadelphia Oil Service Sector index was down 6.6%.

Among energy stocks moving on news:

(+) StealthGas (GASS) rose over 4% after the liquefied petroleum gas carrier company reported non-GAAP Q1 net income of $0.05 per share during the three months ended March 31, unchanged from year-ago levels, while revenue declined 3.3% from the same quarter last year to $38.4 million. No analyst estimates were available for comparison.

In other sector news:

(-) CNOOC (CEO) was down almost 3% this afternoon. The Chinese energy major Thursday said production from the Appomattox Field in the US Gulf of Mexico has started ahead of schedule. CNOOC owns 21% of the project, with Royal Dutch Shell (RDS-A,RDS-B) operating the deepwater field with a 79% stake.

(-) Seadrill (SDRL) tumbled over 25% on Thursday after the oilfield-services company reported an eight-fold increase in its Q1 net loss, widening to $2.95 per share compared with a $0.36 per share net loss during the year-ago period and missing the three-analyst consensus call expecting a $2.41 per share net loss.

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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