Energy Sector Update for 02/22/2024: PXD, D, BORR

Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both rising 0.2%.

The Philadelphia Oil Service Sector index was posting a 0.4% increase and the Dow Jones US Utilities index was shedding 0.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 4.3 million barrels in the week ended Feb. 16 following an increase of 12.8 million barrels in the previous week.

Front-month West Texas Intermediate crude oil was rising 1.1% to $78.76 a barrel while the global benchmark Brent crude contract was advancing 0.9% to $83.78 a barrel.

US natural gas stocks fell by 60 billion cubic feet in the week ended Feb. 16, a larger drop than the 58 billion decrease expected in a survey compiled by Bloomberg as of 7:35 am ET and following a revised decrease of 54 billion cubic feet in the previous week.

Henry Hub natural gas futures tumbled 5.1% to $1.68 per 1 million BTU.

In corporate news, Pioneer Natural Resources (PXD) on Thursday posted mixed results for its Q4 as an annual increase in revenue and oil production was countered by lower earnings. Its shares were fractionally higher.

Dominion Energy (D) reported Q4 operating earnings Thursday of $0.29 per share, down from $0.76 a year earlier. Analysts polled by Capital IQ expected $0.36. Its shares fell 1.5%.

Borr Drilling (BORR) shares shed 0.4% after it reported Q4 earnings Thursday of $0.11 per diluted share, swinging from a loss of $0.09 a year earlier. Two analysts polled by Capital IQ expected $0.10.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.