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.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.