Energy Sector Update for 07/24/2020: EQNR, SLB, SMLP, XLE, USO, UNG

Energy stocks were mixed in premarket trading Friday as the Energy Select Sector SPDR (XLE) was advancing by 0.05% in recent trading. The United States Oil Fund (USO) was flat and the United States Natural Gas Fund (UNG) was down 0.67%. West Texas Intermediate crude oil was up $0.29 at $41.36 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.21 to $43.52 per barrel and natural gas futures were down 1 cent at $1.77 per 1 million BTU.

Equinor (EQNR) was up more than 2% even as it posted Q2 adjusted income of $646 million, a sharp decline from $1.13 billion in the year-ago period. On an IFRS basis, Equinor swung to a net loss of $0.08 per share from earnings of $0.44 per share a year earlier. Analysts polled by Capital IQ had expected a loss of $0.12 per share.

Schlumberger (SLB) was more than 1% higher after it reported Q2 non-GAAP adjusted earnings of $0.05 per share that were down from $0.35 a year ago. The Street estimate was for a loss of $0.01 a share.

Summit Midstream Partners (SMLP) was gaining nearly 3% in value after saying it now expects 2020 adjusted EBITDA to range from $250 million to $260 million, down from the previous forecast of $260 million to $285 million, primarily reflecting the impact from recent production shut-ins due 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.

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