Top Energy Stocks:
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.
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