Markets

Energy Sector Update for 12/14/2015: BAS,OII,AMID

Top Energy Stocks

XOM +2.03%

CVX +3.31%

COP +3.38%

SLB +0.53%

OXY +0.41%

Energy stocks were extending their recent gains following a reversal for crude oil prices , with the NYSE Energy Sector Index rising nearly 0.5% while shares of energy companies in the S&P 500 were up more than 0.8% as a group. Crude oil for January delivery was up 96 cents at $36.58 per barrel while January natural gas futures were 11 cents lower at $1.88 per 1 million BTU.

In company news, shares of Basic Energy Services ( BAS ) declined to an all-time low on Monday after the oilfield-services company today reiterated its recent guidance forecasting a drop in Q4 revenue of 13% to 15% compared with the preceding quarter.

Well servicing rig utilization rates also continued to decline during November to 37,600 hours, or about 39% the company said, down from 44% from October levels and 67% from year-ago levels. Drill rig utilization was 16% last month, edging up from a 13% pace in October but was down 83% from November 2014.

BAS shares were down nearly 13% at $2.48, staying within close range of its new record low of $2.40 a share.

In other sector news,

(-) OII, (-0.6%) Cut to Sector Perform from Sector Outperform at Scotia Howard Weil.

(-) AMID, (-16.2%) Executive board chairman and CEO Steve Bergstrom retires but wil remain a board member. Names former Enable Midstream Partners LP Chief Executive Lynn Bourdon to be CEO and board chairman.

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.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More