Energy Stocks Little Changed Despite 2% Rise for Crude Oil Above $91 a Barrel

Top Energy Stocks

XOM -0.06%

CVX +0.6%

COP +0.5%

SLB +0.35%

OXY +0.2%

Energy stocks are slightly higher today with the NYSE Energy Sector Index adding around 0.1% while the S&P Energy Index is up near 0.2%. Crude oil for August delivery was up more than 2%. July natural gas was up a penny at $2.98 per 1 million BTU.

In company news, Kinder Morgan Energy Partners L.P. ( KMP ) shares are up about 0.6% with the pipeline company announcing long-term commercial agreements to provide BP plc ( BP ) condensate processing services and storage at KMP's terminals located on the Houston Ship Channel.

BP has committed over 40,000 barrels per day of throughput at KMP's petroleum condensate facility and also will lease an additional 750,000 barrels of storage that KMP will add at its Galena Park terminal. BP ADRs are up about 3%.

Separately, KMP increased its quarterly distribution to $1.23 per unit, up from $1.20. Company also said it should exceed published annual budget due to recent acquisition of El Paso Corp.

In other sector news,

(+) PXD, (+5.2%) Q2 production averages 150,506 barrels of oil equivalent per day, in-line with projections for daily production of 149,000 to 154,000 barrels of equivalent.

(+) DO, (+3.3%) Reports Q2 EPS of $1.09, topping estimates for $0.90 a share profit. Revenue also tops estimates.

(+) NE, (+2%) Top-, bottom-line beat with Q2 earnings of $0.63 a share on $898.9 million in revenue - $0.06 and $3.16 million better than forecasts.

(-) SEP, (-0.2%) Increases quarterly cash distribution to $0.485 per unit, up about 1% from its prior payout of $0.48 per unit.

(+) EPB, (+1%) Increases quarterly distribution 15% to $0.55 per unit.

(-) PSE, (-1%) Q2 oil sales averaged 4,874 barrels per day, natural gas liquids sales averaged 1,164 barrels per day and an average 6 million cubic feet of natural gas per day.

(-) NXY, (-1%) Reports 36% decline in Q2 net income, primarily due to unsuccessful Kakuna exploration well in the Gulf of Mexico. Production volume rises 5% to 213,000 barrels per day.

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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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