Energy stocks were falling sharply again this afternoon, with the NYSE Energy Sector Index falling 2.6% while the SPDR Energy Select Sector ETF was down 1.8%.
Front-month West Texas Intermediate crude oil was up $0.46 to $40.38 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was rising $0.37 to $43.31 per barrel. Henry Hub natural gas futures were $0.03 lower at $1.80 per 1 million BTU.
Among energy-related ETFs, the United States Oil Fund is dropping 0.3% while the United States Natural Gas Fund is sinking 1.7%. The Philadelphia Oil-Service Sector index is posting a 3.2% retreat.
In company news, Northern Oil and Gas (NOG) climbed about 1% after Friday announcing its purchase of 400 net acres in the Williston Basin in North Dakota from unnamed sellers for $3.2 million in cash and 2.95 million of its common shares. The property includes a 70% interest in one producing well along 1.9 net wells now in progress and another 1 net undrilled well location. Production is expected to begin by mid-2021, Northern said.
Among decliners, Exxon Mobil (XOM) slipped about 1% after reporting an adjusted net loss of $0.70 per share for its Q2 ended June 30 compared with non-GAAP net income of $0.61 during the year-ago period and trailing the Capital IQ consensus expecting a $0.60 per share adjusted loss. Revenue fell almost 53% to $32.61 billion, also missing the $38.16 Street view.
Chevron (CVX) shares fell 3.9% after the energy major reported a Q2 net loss of $1.59 per share, excluding one-time items, reversing a $1.77 per share adjusted profit during the same quarter last year and missing the Capital IQ consensus expecting a non-GAAP net loss of $0.89 per share. Revenue plunged over 65% to $13.5 billion, also lagging the $21.7 billion analyst mean.
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