Energy Sector Update for 07/18/2019: SM, KMI, EGY, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: -0.46%

CVX: -0.11%

COP: +2.04%

SLB: -0.72%

OXY: +0.23%

Top energy stocks were mostly lower pre-bell Thursday. West Texas Intermediate crude oil for August delivery was down $0.19 at $56.59 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude September contract lost $0.01 to $63.65 per barrel and August natural gas futures were 3 cents higher at $2.33 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was flat, while the United States Natural Gas fund was 0.35% higher.

Early movers include:

(+) SM Energy (SM), which was advancing by more than 4% after saying it expects Q2 total production of 12.4 MMBoe, up 16% sequentially, based on performance from both the Permian and South Texas regions that exceeded expectations.

In other sector news:

(-) Kinder Morgan (KMI) was nearly 2% lower after saying one of its performance metrics would come in slightly below budget for the full year as it posted second-quarter results that missed analysts' estimates. The company generated revenue of $3.21 billion in the three months ended June 30, down from $3.43 billion in the corresponding quarter of the prior year. This was below the consensus estimate of analysts polled by Capital IQ for $3.59 billion.

(=) VAALCO Energy (EGY) was unchanged after announcing that it paid $4.5 million to Angola National Agency of Petroleum, Gas and Biofuels (ANPG), as national concessionaire. The payment was made after a settlement agreement executed earlier this year that finalized the termination of VAALCO's rights, liabilities and outstanding obligations for Block 5/06 in Angola.

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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