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