Energy Stocks Falling as Crude Reverses Recent Gains; Baker Hughes Soars on Q2

Top Energy Stocks

XOM -0.8%

CVX -0.4%

COP -1.3%

SLB +0.63%

OXY -0.9%

Energy stocks are mostly lower, with the NYSE Energy Sector Index sliding about 0.8% this afterrnon while the S&P Energy Index is off 0.2%. Crude oil for August delivery was down around $1.50 at $91.10 a barrel while August natural gas was slightly up to $3.02 per 1 million BTU.

In company news, Baker Hughes ( BHI ) shares are up about 10% after the oilfield services firm today reported Q2 earnings of $1 a share, easily topping the Thomson Reuters consensus of $0.77 a share. Revenues rose 12% to $5.33 billion, beating the analyst average call of $5.26 billion.

CEO Martin Craighead said the company is "cautiously optimistic" about the market outlook for the rest of the year. He said the company sees continuing improvement in the Gulf of Mexico and internationally as those markets expand.

Operating margin narrowed to 12% from 13% as total costs and expenses rose 14% to $4.69 billion. Baker Hughes said the impact from a seasonal slowdown in Canada was mostly offset by improved results in onshore U.S. operations.

In other sector news,

(+) HAL, (+4.1%) Texas court approves settlement of shareholder suit accusing firm of facilitating illegal activity in Iran, Nigeria and the U.S., avoiding any payout for damages.

(+) SLB, (+0.6%) Reports better-than-expected Q2 earnings of $1.05 a share, ex items, on in-line revenue of $10.45 billion. Analysts, on average, projected a $1.00 a share gain.

(+) WMB, (+0.4%) Increases dividend 4.1% to $0.3125 a share.

(-) SXL, (-0.3%) Begins binding Open Season for Allegheny Access Pipeline, scheduled to open by mid-2014 with an initial daily capacity of 85,000 barrels.

(+) WES, (+0.2%) Increases quarterly cash distribution 4% to $0.48 per unit.

(-) GNE, (-1.3%) Announces exchange offer of outstanding Class B common stock for new series of preferred stock with an annual yield of 7% to 8% and $8.50 a share liquidation preference.

(+) CYN, (+0.2%) Reports Q2 earnings of $1.01 per share, $0.13 above the Capital IQ consensus estimate. Also, expects net income growth through 2012.

(-) HMN, (-1.5%) Lowers 2012 net income before realized investment gains by $0.25 to $1.55 to $1.75 a share as a result of Q2 weather-related losses.

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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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