Markets
OXY

Energy Sector Update for 05/06/2015: OXY,EOG,WLT

Top Energy Stocks

XOM -0.03%

CVX +0.11%

COP +0.49%

SLB -0.04%

OXY +1.49%

Energy stocks were mixed, with the NYSE Energy Sector Index rising almost 0.4% while shares of energy companies in the S&P 500 were down 0.1% as a group. Crude oil was extending its earlier gains after a government report this morning found U.S. inventories shrinking more than expected last week, with West Texas Intermediate for June delivery rising $1.12 to $61.52 per barrel. June natural gas futures were up 3 cents to $2.81 per 1 million BTU.

In company news, Occidental Petroleum Corp ( OXY ) was moderately higher in Wednesday trade, with shares of the energy giant rising nearly 2% after posting adjusted Q1 earnings matching Wall Street expectations although revenue during the January-to-March period came up shy of analyst estimates.

Core income fell to $31 million, or $0.04 per share, from a $1.1 billion adjusted profit during the same quarter last year but still coming in-line with the Capital IQ consensus. On a GAAP basis, the company recorded a $218 million net loss, or $0.28 per share, reversing a $1.4 billion GAAP profit last year.

Revenue declined 37.8% from year-ago levels to $3.09 billion, lagging the Street view by around $260 million.

Likely benefiting from rising crude oil prices , OXY shares were up 1.8% at $80.01 each, earlier climbing to a session high of $82.00 a share. The stock has traded within a 52-week range of $71.70 to $101.38 a share, sliding almost 14% over the past 12 months prior to Wednesday's advance.

In other sector news,

(+) EOG, (+1.4%) CEO William Thomas Tuesday said during a conference call with analyst the shale-oil producer will resume drilling again if crude oil prices stabilize at $65 per barrel or above.

(-) WLT, (-25.5%) Warns in its 10-K quarterly report there is "substantial doubt" about its ability to continue as a going concern, also raising the possibility of a bankruptcy filing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

OXY

Other Topics

Commodities