Markets
NOV

Energy Sector Update for 05/18/2017: TELL,NOV,TK

Top Energy Stocks

XOM -0.33%

CVX +0.28%

COP +0.17%

SLB +0.83%

OXY +0.07%

Energy stocks were straddling either side of their break-even marks for Thursday's session, with the NYSE Energy Sector Index rising nearly 0.1% while shares of energy companies in the S&P 500 were down almost 0.1% as a group. Crude oil for June delivery was up 33 cents at $49.40 per barrel while June natural gas futures were a penny lower at $3.19 per 1 million BTU.

In company news, Tellurian ( TELL ) retreated on Thursday, with shares of the oil and natural gas producer dropping more than 6% to reach a session low of $10.03 each, after today saying it was withdrawing its proposed public offering of 10 million shares, citing adverse market conditions.

The company did not say how it planned to spend net proceeds from the proposed offering other than for general corporate purposes and for working capital.

In other sector news,

(+) NOV, (+1.7%) Breaks ground on two new, composite-pipe manufacturing facilities plants at its MODON 3 complex in Saudi Arabia also providing tubular coating services.

(-) TK, (-8.5%) Adjusted Q1 net loss widens to $0.41 per share, missing single-analyst estimate expecting adjusted Q1 profit of $0.11 per share. Revenue falls 19.2% to $492.7 mln, trailing lone-analyst call expecting $497.8 mln.

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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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