Energy Sector Update for 12/20/2018: BRY,PBT,FTI,NGL

Top Energy Stocks

XOM -2.63%

CVX -2.29%

COP -1.53%

SLB -3.64%

OXY -2.20%

Energy stocks extended their retreat Thursday afternoon, with the NYSE Energy Sector Index dropping more than 1.8% while shares of energy companies in the S&P 500 were down more than 2.3% as a group. West Texas Intermediate crude oil for February delivery settled $2.29 at $45.88 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude February contract declined $2.76, or almost 5%, to $54.48 per barrel. January natural gas futures fell 14 cents to $3.58 per 1 million BTU. Among energy-related ETFs, the United States Oil fund slipped 2.8% while the United States Natural Gas fund rose 0.3%. The Philadelphia Oil Service Sector index also was down more than 4.2% in late trade.

Among energy stocks moving on news:

(-) Berry Petroleum ( BRY ) fell more than 12% on Thursday after analysts at KeyBanc began coverage of the oil and natural gas producer with a lackluster assessment, assigning a sector weight rating for Berry shares.

In other sector news:

(-) TechnipFMC ( FTI ) was fractionally lower in late Thursday trading after the oilfield services company said it received a "significant" engineering, procurement support and construction management services contract from Finnish oil refiner Neste for the expansion of its renewable products refinery in Singapore. Financial terms were not disclosed.

(-) The Permian Basin Royalty Trust ( PBT ) was more than 1% lower after the company announced a 6.4% increase in its December distribution to $0.053136 per unit compared with its $0.049958 per unit distribution the prior month, reflecting an increase in oil and gas production at its Waddell Ranch properties coupled with slightly higher commodity prices over the past month.

(-) NGL Energy Partners ( NGL ) fell more than 8% on Thursday to its lowest share price since April 2016 at $9.01 apiece after the oilfield-services company announced the $238.8 million cash sale of its South Pecos water disposal assets in Texas to a privately held WaterBridge Resources.

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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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