Markets

Energy Sector Update for 10/23/2015: MCEP,BAS,SWN

Top Energy Stocks

XOM -0.07%

CVX -0.34%

COP -0.09%

SLB +0.05%

OXY -0.68%

Energy stocks were finishing off their worst levels of Friday trading, with the NYSE Energy Sector Index dropping around 0.6% while shares of energy companies in the S&P 500 were down about 0.3% as a group. Crude oil for December delivery settled 78 cents lower at $44.60 per barrel while December natural gas futures fell 9 cents to $2.49 per 1 million BTU.

In company news, equity units of Mid-Con Energy Partners LP ( MCEP ) slumped Friday after the oil and gas master limited partnership said it was suspending its $0.125 per unit quarterly cash distribution, citing an uncertain outlook for oil prices .

In prepared remarks, Executive Board Chairman Randy Olmstead said current conditions were steering the company reallocate its excess cash flow towards capital projects and paying down debt, describing the move as "prudent" and saying it will maximize long-term investor value.

MCEP shares were down almost 29% at $2.14 apiece, earlier stopping just 2 cents short of its 52-week low at $1.99 a share.

In other sector news,

(+) BAS, Non-GAAP Q3 net loss of $1.26 per share lags expectations for a $1.17 per share loss. Revenue declines 52.0% to $189.25 mln, missing the $187.73 mln consensus. Sees Q4 revenue falling 13% to 15% from Q3 levels, trailing Street view.

(-) SWN, Q3 revenue falls 19.3% from year-ago to $749 mln, trailing $826.44 mln. EPS of $0.01 per share beat Street view looking for $0.02 per share loss.

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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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