Energy

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.

In This Story

GASS CEO SDRL