Top Energy Stocks
XOM -0.04%
CVX +0.17%
COP -0.89%
SLB -0.23%
OXY +0.07%
Energy stocks were mostly lower Friday afternoon following a drop in crude oil prices , with the NYSE Energy Sector Index falling almost 0.4% while shares of energy companies in the S&P 500 also were down nearly 0.8% as a group. In commodities trading, West Texas Intermediate crude oil for September delivery was slipping 64 cents to $68.32 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was declining 22 cents to $73.23 per barrel. September natural gas futures were 4 cents higher at $2.86 per 1 million BTU. Among energy-related ETFs, United States Oil was falling nearly 1.0% while United States Natural Gas was rising almost 1.6%. The Philadelphia Oil-Services Index was dropping over 0.3% in recent trade.
Among energy stocks moving on 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.
In other sector news
- Advantage Oil and Gas 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, beating analyst estimates by sizable margins and increasing its quarterly dividend by 19% to $0.22 per share. Analysts at Stifel on Friday trimmed 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.
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.
