Energy Sector Update for 07/28/2020: BSM, NOV, KMI, XLE, USO, UNG

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.

In This Story


Latest Markets Videos


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