Energy firms were slipping pre-bell Tuesday as the Energy Select Sector SPDR (XLE) ETF was recently down 0.53%. The United States Oil Fund (USO) was 0.81% lower and the United States Natural Gas Fund (UNG) was more than 4% higher. West Texas Intermediate crude oil was down $0.36 at $41.24 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.02 to $43.39 per barrel and natural gas futures were 5 cents higher at $1.79 per 1 million BTU.
Black Stone Minerals (BSM) was climbing past 15% after saying it closed on the sale of undivided interests across parts of its Delaware and Midland Basin positions for a total consideration of $95.5 million. The company also announced an increase in its quarterly cash distribution to $0.15 per common unit from the previous quarter's $0.08 per unit.
National Oilwell Varco (NOV) was down more than 4% after it reported Q2 net loss of $0.24 per diluted share, compared with a net loss of $14.11 for the same prior-year period. Analysts polled by Capital IQ had expected a loss of $0.17.
Kinder Morgan (KMI) was 0.70% lower. The company said it plans to raise $1.25 billion through the issuance of senior notes. According to a regulatory filing from the company, proceeds from the issuance will be used to repay debt of $949 million due in September.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
