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TTI

Energy Sector Update for 05/10/2016: OAS,TTI,EMES

Top Energy Stocks

XOM +0.96%

CVX +0.38%

COP +2.24%

SLB +2.02%

OXY +0.82%

Energy stocks were rising Tuesday, with the NYSE Energy Sector Index climbing about 1.3% while shares of energy companies in the S&P 500 were up about 1.3% as a group. Crude oil for June delivery was up $1.02 to $44.46 per barrel while June natural gas futures were 5 cents higher at $2.15 per 1 million BTU.

In company news, Oasis Petroleum ( OAS ) rose Tuesday despite the oil and natural gas producer's reporting Q1 financial results trailing analyst projections for the January-to-March period.

Excluding one-time items, the company recorded a Q1 net loss of $0.18 per share, a penny wider than the Capital IQ consensus. Revenue dropped 27.8% compared with the same quarter last year to $130.3 million, well under the analyst mean expecting more than $179.6 million in quarterly revenue. Oasis averaged 50,315 equivalent barrels of oil per day during Q1, its sixth consecutive quarter production exceeded 50,000 barrels per day.

OAS shares were up almost 9% at $9.42 apiece in recent trading, retracing most of their early advance to $9.45 a share soon after the opening bell.

In other sector news,

(+) TTI, (+7.5%) Reports adjusted Q1 net loss of $0.24 per share, missing the Capital IQ consensus by $0.07 per share. Revenue falls 32.2% from last year to $169.2 mln, also trailing the $205.17 mln Street view.

(-) EMES, (-10.5%) Suspends quarterly distribution, citing "challenging market." Reports Q1 net loss of $1.47 per share, or more than double the $0.56 per share loss analysts expected. Revenue falls 69.1% to $29.7 mln, trailing $121.8 mln consensus.

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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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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