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Energy Sector Update for 08/03/2018: ENB,ENB.TO,MPLX,NEE,TRGP,EOG,AAV,AAV.TO,BHGE

Top Energy Stocks

XOM +0.38%

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OXY -0.10%

Energy stocks were ending mostly lower Friday afternoon following a modest drop in crude oil prices today. At last look, the NYSE Energy Sector Index was falling almost 0.4% while shares of energy companies in the S&P 500 also were down over 0.5% as a group. In commodities trading, West Texas Intermediate crude oil for September delivery settled 47 cents lower at $68.49 per barrel while the global benchmark Brent crude October contract declined 11 cents to $73.34 per barrel. September natural gas futures rose 4 cents to $2.85 per 1 million BTU. Among energy-related ETFs, United States Oil was falling nearly 0.7% while United States Natural Gas was rising more than 1.2%. The Philadelphia Oil-Services Index was dropping nearly 0.2% in late trade.

In industry news,

U.S. energy companies pulled two oil rigs and three natural gas rigs out of the field during the seven days ended August 3, leaving the number of oil and gas drillrigs operating throughout the country at 859 and 183, respectively, Baker Hughes ( BHGE ) said Friday in its weekly rig census. Canadian producers also idled two oil rigs this week, offsetting a two-rig increase for natural gas over the same period, and leaving the Canadian total unchanged at 223, with 152 oil rigs and 71 gas rigs.

Among energy stocks moving on news:

+ Enbridge (ENB,ENB.TO) was almost 2% higher late in Friday trading, staying near its intra-day high after reporting improved non-GAAP Q2 net income compared with year-ago levels, rising to CAD0.65 per share, or about $0.50 per share, from CAD0.43 per share last year and topping the Capital IQ consensus expecting CAD0.53 per share for the Canadian pipeline company. Total revenue fell 3.3% year over year to $CAD10.75 billion, trailing the CAD12.2 billion analyst mean.

In other sector news

+ MPLX LP ( MPLX ) advanced Friday, rising as much as 2%, after announcing plans to jointly develop the 450-mile Whistler pipeline project with three other pipeline companies to carry around 2.0 billion cubic feet of increased natural gas production from the Permian Basin in western Texas to NextEra Energy's ( NEE ) Agua Dulce market hub on the Gulf Coast. The pipeline proposal - which in addition to MPLX and NextEra also includes Targa Resources ( TRGP ) and privately held WhiteWater Midstream - also will have multiple upstream connections from production in the Delaware and Midland basins. A NextEra affiliate will build the pipeline, which will be operated by Targa after completion.

- Advantage Oild and Oil Ltd (AAV,AAV.TO) fell over 4% early in Friday trading, more recently paring that loss to around 2%, after posting a Q2 net loss of $0.08 per share during the April-to-June reporting period, expanding on a $0.05 per share net loss during the year-ago quarter. Revenue fell, as expected, to $45.3 million from $69.2 million last year after the Canadian energy company in April said it would scale back production due to low natural gas prices . No analyst estimates were available.

- EOG Resources ( EOG ) declined Friday, dropping as much as 4%, following reports the oil and natural gas producer plans to soon repay a $350 million bond coming due in October along with a $900 million note maturing next year. The company late Thursday also reported large year-over-year jumps in its adjusted Q2 net income and revenue and also beating analyst estimates by sizable margins as well as increasing its quarterly dividend by 19% to $0.22 per share and prompting analysts at Stifel also Friday to trim their price target for EOG Resources by $1 to $147 a share while maintaining their Buy rating for the stock.

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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