Energy Sector Update for 04/03/2020: IO, OVV, LBRT, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +1.86%

CVX: +2.33%

COP: +0.41%

SLB: +4.76%

OXY: +8.38%

Energy heavyweights were rallying pre-bell Friday. West Texas Intermediate crude oil was up $2.38 at $27.70 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $4.25 to $34.19 per barrel and natural gas futures were flat at $1.55 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 10.57% while the United States Natural Gas fund was 0.17% lower.

Early movers include:

(-) Ion Geophysical (IO), which was nearly 9% lower amid plans to reduce its costs structure by $18 million for the remaining nine months of 2020.

(+) Ovintiv (OVV) was advancing by more than 7% amid plans to further reduce its capital spending for Q2 by an extra $200 million, boosting its planned reductions for the quarter to $500 million.

In other sector news:

(=) Liberty Oilfield Services (LBRT) was flat after saying it will suspend its future quarterly dividends and will reduce its 2020 total capital expenditures by $70 million to $90 million in response to the COVID-19 pandemic.

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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