Top Energy Stocks
Energy stocks were mostly lower this afternoon, with the NYSE Energy Sector Index declining over 0.9% while shares of energy companies in the S&P 500 were down almost 1% as a group. West Texas Intermediate crude oil for December delivery was falling $1.33 to $55.72 per barrel in New York while the global benchmark Brent crude January contract was dropping $1.09 to $61.35 per barrel. December natural gas futures were 4 cents lower at $2.53 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was sliding nearly 2.1% lower while the United States Natural Gas fund was sinking more than 1.3%. The Philadelphia Oil Service Sector index also was down almost 1.1%.
Among energy stocks moving on news:
(-) Baker Hughes (BKR) declined nearly 1% this afternoon. The oilfield-services company Tuesday said it was forming an alliance with Microsoft (MSFT) and privately held C3.ai to provide enterprise-level artificial intelligence technology to the energy industry through Microsoft's Azure cloud computing platform. The new partnership will help energy industry customers streamline scalable AI solutions that will be tailored to address moving data management, inventory optimization and predictive maintenance.
In other sector news:
(+) SAExploration Holdings (SAEX) jumped 81% on Tuesday after the seismic-data company announced three new projects worth a combined $130 million in Alaska, Canada and the Middle East. The largest contract is valued at about $112 million for onshore data acquisition on the North Slope of Alaska over the next three winter seasons starting early next year.
(-) KLX Energy Services (KLXE) earlier Tuesday dropped 34% to a record low of $4.86 a share after saying it was launching a cost-reduction program, including laying off 17% of its workforce, to address the "abrupt deterioration" of its oilfield-services business that worsened during its fiscal Q3 ended Oct. 31. It is expecting to take a $13 million charge against its Q3 results and also is anticipating to report a non-cash asset impairment charge of about $45 million to $60 million.
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