Energy

Energy Sector Update for 08/04/2020: HUSA,CDEV,BP,EC

Energy stocks were ending sharply higher again this afternoon, with the NYSE Energy Sector Index climbing 2.9% while the SPDR Energy Select Sector ETF was up 2.5%.

Front-month West Texas Intermediate crude oil settled 69 cents higher at $41.70 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract increased 19 cents to $44.34 per barrel. Henry Hub natural gas futures rose another 9 cents to $2.19 per 1 million BTU.

In company news, Houston American Energy (HUSA) was 4% higher after the oil and natural gas producer Tuesday said it was resuming development and drilling on its Permian Basin properties in the Texas Panhandle region following a four-month break due to the COVID-19 pandemic. Hydraulic fracturing at the company's 18.6%-owned Frost No. 2-H well in Yoakum county is slated to begin August 24. It also has signed a joint operating agreement with an unnamed partner to start work next month on its first well in nearby Hockley county.

Centennial Resource Development (CDEV) jumped 8% after the company late Monday reported a surprise Q2 profit, earning $0.02, down from $0.07 per share during the same quarter last year but topping the Capital IQ consensus for a $0.26 loss.

BP (BP) climbed 7.5% after the energy major reported a GAAP net loss of $5.00 per ADS for its Q2 ended June 30, reversing a $0.54 profit during the same quarter last year but still beating the Capital IQ consensus expecting a $5.38 net loss.

Ecopetrol (EC) rose 2% even after the Colombian oil and natural gas company reported a 53.9% decline in Q2 sales compared with year-ago levels, dropping to COP8.44 trillion and trailing the Capital IQ consensus expecting COP9.32 trillion in revenue.

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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