Markets

Energy Sector Update for 06/23/2017: WG,CPE,JONE

Top Energy Stocks

XOM +0.39%

CVX +0.42%

COP -0.55%

SLB +0.60%

OXY -0.55%

Energy stocks were stretching their recovery to a second day on Friday, with the NYSE Energy Sector Index rising 0.5% while shares of energy companies in the S&P 500 were up about 0.3% as a group. Crude oil for August delivery was up 18 cents at $42.92 per barrel while July natural gas futures were 3 cents higher at $2.93 per 1 million BTU.

In company news, shares of the Willbros Group ( WG ) rose over 10% on Friday to a session high of $2.39 a share after the pipeline and oilfield construction contractor late yesterday announced new contract awards totaling $68 million.

The company's Oil & Gas subsidiary this month has received a pair of contract extensions while its Utility Transmission and Distribution unit also finalized multiple extensions of current master service agreements. Those awards are estimated at a combined $50 million and follow several other contract extensions of one or two years that were finalized in May and totaling another $18 million.

In other sector news,

(+) CPE, (+3.1%) Names company treasurer Correne Loeffler interim chief financial officer, assuming those duties from CEO Joe Gatto.

(-) JONE, (-3.3%) Sells several non-core assets, including properties in the Arkoma Basin, for $65 mln in cash plus up to $2.5 mln in additional contingent payments based on natural gas prices .

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

CPE

Other Topics

Energy

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More