Energy Sector Update for 08/11/2022: GPRK,GLNG,ESTE,EGY

Energy stocks eased from their earlier gains this afternoon, with the NYSE Energy Sector Index rising 2.6% and the SPDR Energy Select Sector ETF (XLE) up 3.5%.

The Philadelphia Oil-Service Sector index was posting a 3.9% advance and the Dow Jones US Utilities Index was unchanged.

West Texas Intermediate crude oil settled $2.41 higher at $94.34 per barrel while North Sea Brent crude was advancing $1.79 to $99.19 per barrel. Henry Hub natural gas futures rose $0.67 to $8.87 per 1 million BTU.

In company news, GeoPark (GPRK) gained 3.5% after the South American energy producer reported a Q2 net profit of $67.9 million, reversing a $2.5 million loss during the same quarter last year, while revenue increased 88% to $311.2 million, topping the three-analyst mean expecting $297.3 million. The company also raised its quarterly dividend by 54.9% to $0.127 per share.

Golar LNG (GLNG) gained 6.2% after reporting Q2 net income of $230 million, down from $471.4 million a year ago, and operating revenue of $67.2 million, up from $65.3 million last year.

Earthstone Energy (ESTE) rose 4.9% after late Wednesday closing on its purchase of assets in the northern Delaware Basin in New Mexico, paying $575 million in cash and issuing 3.9 million common shares to former owners Titus Oil & Gas. Earthstone also said it has secured a $300 million increase to its secured borrowing base to $1.7 billion.

Vaalco Energy (EGY) rose 1% after reporting non-GAAP Q2 net income of $0.52 per share, up from $0.14 a year ago, while oil and natural gas sales increased more than 136% over year-ago levels, reaching $111 million and beating the single-analyst call expecting $107.1 million in revenue for the June quarter.

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.