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