Markets

Energy Sector Update for 08/02/2018: CXO,GLOG,TGE

Top Energy Stocks

XOM -0.42%

CVX -0.79%

COP -1.13%

SLB -0.96%

OXY -1.54%

Energy stocks were mostly lower in early trading, sinking almost 1% as a group and largely matching the decline for commodity prices Thursday morning. West Texas Intermediate crude oil for September delivery was slipping 56 cents to $67.10 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was declining 36 cents to $72.03 per barrel. September natural gas futures were unchanged at $2.75 per 1 million BTU. Among energy-related ETFs, United States Oil was sliding nearly 1.0% lower while United States Natural Gas also was little changed, rising less than 0.1%.

Among energy stocks moving on news:

- Concho Resources ( CXO ) declined in Thursday's pre-market, falling almost 5% despite the oil and natural gas producer reporting improved Q2 financial results compared with year-ago levels and also beating Wall Street estimates. The company earned $1.24 per share during the three months ended June 30, more than doubling its $0.52 per share profit during the same quarter last year and topping the Capital IQ consensus by $0.29 per share. Revenue grew to $945 million from $567 million last year and also exceeding the $906.8 million analyst mean.

In other sector news

= GasLog Ltd ( GLOG ) was steady in Thursday's pre-market after missing the Capital IQ consenus expecting a $0.02 per share net loss for the three months ended June 30 on $139.78 million in revenue on both sides. The liquefied natural gas carrier company saw its Q2 net loss more than double compared with last year, widening to $0.07 per share from $0.03 per share, while revenue rose to $132.8 million from $129.9 million in the year-ago period.

= Tallgrass Energy LP ( TGE ) was unchanged in early Thurday trading after the oil and gas logistics company earned $0.02 per share during the April-to-June reporting period, down from $0.15 per share in the year-ago quarter and missing the Capital IQ consensus expecting a $0.43 per share profit. Total revenue rose to $193.6 million from $160.9 million last year, also lagging the $205.9 million Street view.

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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