Energy Sector Update for 08/03/2020: MPC, MPLX, NBL, XLE, USO, UNG

Energy firms were climbing pre-bell Monday as the Energy Select Sector SPDR (XLE) was advancing by 0.50% recently. The United States Oil Fund (USO) was up 0.41% and the United States Natural Gas Fund (UNG) was more than 9% higher. West Texas Intermediate crude oil was up $0.15 at $40.42 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.23 to $43.75 per barrel and natural gas futures were 15 cents higher at $1.95 per 1 million BTU.

Marathon Petroleum (MPC) was 7% higher as it booked an adjusted net loss of $1.33 per share in Q2, reversing last year's adjusted earnings of $1.73 per share. The period's loss was lower than the average loss forecast of $1.76 per share from analysts polled by Capital IQ.

MPLX (MPLX) was gaining more than 6% after it reported Q2 earnings of $0.58 per unit, rising from $0.55 per unit a year ago. Analysts polled by Capital IQ expected, on average, net earnings of $0.30 per share, if applicable.

Noble Energy (NBL) was 0.8% lower as it reported an adjusted net loss of $0.24 per share for Q2, compared with a loss of $0.10 during the year-ago quarter. Analysts polled by Capital IQ had previously expected a loss of $0.36 a share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.