Top Energy Stocks:
Energy giants were climbing pre-bell Tuesday. West Texas Intermediate crude oil was up $0.40 at $26.48 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.58 to $33.85 per barrel and natural gas futures were 6 cents higher at $1.79 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.09% while the United States Natural Gas fund was 2.49% higher.
Early movers include:
(+) Exxon Mobil (XOM), which was over 5% higher after announcing a 30% cut to its 2020 capital spending and a 15% reduction in cash operating expenses in response to low commodity prices and weaker demand with the ongoing COVID-19 pandemic.
(+) Chaparral Energy (CHAP) was up more than 3% even after saying its lenders have decreased the borrowing base of its credit facility to $175 million from $325 million after the company notified them of its plan to borrow $90 million.
(-) Martin Midstream Partners (MMLP) was down more than 10% after saying it has tapped Stephens Inc. as financial adviser to explore strategic alternatives to strengthen its balance sheet and address near-term maturities.