Energy Sector Update for 06/12/2019: GTLS,SAEX,TS

Top Energy Stocks

XOM -0.89%

CVX -1.04%

COP -0.80%

SLB -2.34%

OXY -0.61%

Energy stocks were sharply lower, with the NYSE Energy Sector Index falling more than 1.5% while shares of energy companies in the S&P 500 were down 1.3% as a group. West Texas Intermediate crude oil for July delivery was slipping $1.37 to $51.90 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude August contract was declining $1.30 to $60.99 per barrel. July natural gas futures were 2 cents lower at $2.38 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling 2.7% while the United States Natural Gas fund was dropping almost 0.2%. The Philadelphia Oil Service Sector index was sinking over 4.3%.

Among energy stocks moving on news:

(-) Chart Industries (GTLS) was fractionally lower after the value-added services provider for the energy and industrial gas industries Wednesday priced a down-sized, $248.8 million public offering of 3.5 million shares at $73.50 apiece, representing a 2% discount to Tuesday's closing price. Chart earlier this week announced plans to sell 4.9 million shares.

In other sector news:

(+) SAExploration Holdings (SAEX) fell 2%, reversing an earlier advance. The oilfield services firm late Tuesday said it has completed work on the largest seismic data project in company history, mapping around 1,200 square kilometers of the Arabian Sea floor off the coast of India for an unnamed oil company.

(-) Tenaris (TS) dropped 5% on Wednesday. The oil and gas equipment company said it has selected Alicia Mondolo to be its new chief financial officer, effective on Aug. 5. Mondolo previously has been a financial officer for several Tenaris affiliates and she replaces Edgardo Carlos, who is stepping down to pursue other opportunities. Separately, the company said shareholders will be asked to vote on a proposal to delist its stock from the Buenos Aires stock exchange.

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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