Energy Sector Update for 05/06/2019: DK, OXY, APC, TOT, EQT, XOM, CVX, COP, SLB

Top Energy Stocks:

XOM: -0.84%

CVX: +0.61%

COP: - 1.14%

SLB: -1.36%

OXY: -1.42%

Most energy giants were lower in Monday's pre-bell trading. West Texas Intermediate crude oil for June delivery was down $0.70 at $61.24 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude July contract lost $0.47 to $70.38 per barrel and June natural gas futures were 4 cents lower at $2.53 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was down 0.62%, while the United States Natural Gas fund was 1.13% lower.

In other sector news:

(+) Delek US Holdings (DK) was almost 3% higher after booking a Q1 adjusted profit of $1.54 per share, up from $0.26 per share in the prior-year period and higher than the $0.46 per share Street estimate provided by Capital IQ.

(-) Occidental Petroleum (OXY) was declining by more than 1% after it sweetened its proposal for rival Anadarko Petroleum (APC), while disclosing that it has signed a contingent agreement to sell some of Anadarko's Africa assets to French energy giant Total (TOT) for $8.8 billion.

(=) A lawsuit against EQT (EQT) was dropped by Toby Rice, the co-founder of Rice Energy, which was sold to EQT in 2017, after the energy producer approved their board nominees and withdrew its nominee consent requirement.

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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