Energy
RRC

Energy Sector Update for 07/27/2020: RRC,ROSE,TOT,NOG

Energy stocks were ending lower this afternoon, with the NYSE Energy Sector Index falling 0.4% while the SPDR Energy Select Sector ETF was down 0.2%.

Front-month West Texas Intermediate crude oil settled 31 cents higher at $41.60 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract ahead 18 cents at $43.52 per barrel. Henry Hub natural gas futures fell 7 cents lower to $1.73 per 1 million BTU.

In company news, Range Resources (RRC) fell almost 12% after Monday saying it expects FY20 production will reach or slightly exceed 2.3 billion cubic feet of natural gas equivalent per day after averaging just under 2.35 billion cubic feet per day during its Q2 ended June 30. The company received $2.19 per 1 million cubic feet equivalent so far during 2020 and it reaffirmed its forecast that its natural gas prices likely will trail the NYMEX benchmark by between 20 to 26 cents.

Among gainers, Rosehill Resources (ROSE) slipped over 2% after the oil and natural gas producer filed for voluntary Chapter 11 bankruptcy protection under a previously reported restructuring and support agreement with its lenders. Existing shareholders will lose their respective stakes in the reorganization, the company said, adding its stock would no longer trade publicly after August 13.

Northern Oil & Gas (NOG) rose 1.8% after Seaport Global began coverage of the energy company with a buy stock rating and a $1.20 price target.

Total (TOT) rose fractionally after the French energy major Monday said it formed a 50-50 joint venture with Indian Oil Corp to produce and market bitumen derivatives and other specialty products in the country. The companies previously have established several partnerships in India, most notably for the sale of liquefied petroleum gas and fuel additives.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

RRC ROSE NOG

Latest Energy Videos

How Private Capital Is Shaping The Energy Evolution

Jan 06, 2022

MTNewswires

Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More