Energy Sector Update for 05/23/2019: SDRL, BP, PBR, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: -1.40%

CVX: -1.25%

COP: -2.39%

SLB: -2.19%

OXY: -1.59%

Energy heavyweights were trading lower pre-bell Thursday. West Texas Intermediate crude oil for July delivery was down $1.83 at $59.59 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude July contract lost $1.56 to $69.43 per barrel and June natural gas futures were 2 cents higher at $2.57 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was down 2.83%, while the United States Natural Gas fund was 0.41% higher.

In other sector news:

(-) Seadrill (SDRL) was slightly lower after it reported a net loss of $2.95 per diluted share for Q1, significantly wider than last year's $0.36 and the Street view of $2.41 by three analysts.

(-) BP (BP) is nearing a deal to sell its stake in the Gulf of Suez Petroleum Company (GUPCO) to Dubai-based Dragon Oil for more than $600 million, Reuters reported, citing sources. BP was recently declining by almost 2%.

(=) Petroleo Brasileiro (PBR) was unchanged after saying it was authorized by the board to pursue an additional sale of its stake in its distribution arm, Petrobras Distribuidora, by way of a follow-on public offering.

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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