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Energy Sector Update for 08/07/2018: OAS,SN,BCEI,XOM

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Top Energy Stocks

XOM +1.40%

CVX +0.75%

COP +1.62%

SLB +1.51%

OXY -0.44%

Energy stocks were sharply higher Tuesday afternoon, with the NYSE Energy Sector Index Thursday rising over 0.7% while shares of energy companies in the S&P 500 were up almost 0.8% as a group. West Texas Intermediate crude oil for September delivery settled 16 cents higher at $69.23 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract advanced 79 cents to $74.54 per barrel. September natural gas futures rose 4 cents higher to $2.90 per 1 million BTU. Among energy-related ETFs, United States Oil was climbed nearly 0.3% while United States Natural Gas advanced more than 1.3%. The Philadelphia Oil Service Sector index was up nearly 0.4% today.

In industry news:

The American Petroleum Institute reports industry estimates of crude and refined oil product inventories for the seven days ended August 3 at 4:30 p.m. ET. Expectations are for a drop of 3.367 million barrels decline in crude supplies last week along with a 1.433 million barrels drop in gasoline supplies and a 100,000 barrels decline in distillates. On Wednesday, the Energy Information Administration will release official data at 10:30 a.m. ET.

Among energy stocks moving on news:

+ Oasis Petroleum ( OAS ) was holding on to a nearly 5% gain late in Tuesday trading after the oil and natural gas producer reported non-GAAP Q2 net income of $0.10 per share, reversing a $0.05 per share net loss during the year-ago period and exceeding analyst estimates by $0.03 per share. Revenue also rose to $501.34 million from $254.09 million last year to beat the $404.75 million consensus call. Oasis also increased its FY18 production outlook to 4%, including the impact from recent divestitures.

In other sector news:

+ Bonanza Creek Energy ( BCEI ) advanced as much as 2% higher on Tuesday after selling about 11,000 net acres in the Cotton Valley formation in Texas to an unidentified buyer for about $117 million. The properties were estimated to contain proved reserves of about 12 million barrels of oil equivalent and were producing about 3,000 barrels per day during the three months ended March 31.

+ Exxon Mobil ( XOM ) climbed almost 1% on Tuesday following reports it is nearing a discovery of large oil reserves in Pakistan near its border with Iran. Abdullah Hussain Haroon, Pakistan's minister for maritime affairs and foreign affairs told the Federation of Pakistan Chambers of Commerce and Industry the U.S. energy major was optimistic about the find, believing the new reserves could even be larger than those in Kuwait, which had about 101.5 billion barrels of total proved oil reserves of at the end of 2017, according to oilprice.com.

- Sanchez Energy Corp ( SN ) was sinking Tuesday, recently dropping almost 30%, after the oil and natural gas producer reported an adjusted Q2 net loss of $35.0 million, more than doubling its $15.9 million non-GAAP net loss during the year-ago period. The company did not provide per-share earnings. Revenue rose 48% during the three months ended June 30 to $259.3 million, topping the $250.6 million Street view. The company produced about 7.2 million barrels of oil equivalent during the quarter, equating to 79,516 barrels per day.

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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