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ECA

Energy Stocks Still Adding to Losses; EnCana Falls 5% After Warning of $65-Mln Restructuring Charge

Top Energy Stocks

XOM -1.41%

CVX -1.35%

COP -1.64%

SLB -1.08%

OXY -1.04%

Energy stocks are extending their losses in late trade with the NYSE Energy Sector Index sinking nearly 1.4% while shares of energy companies in the S&P 500 also are down 1.4% as a group.

In company news, Encana Corp ( ECA ) is down nearly 5% at $18.32 a share, just slightly above its session lows after the Canadian oil and gas firm said it has now cut around a fifth of its workforce since November and will take a $65-million after-tax restructuring charge against its Q4 results.

ECA also disclosed a 2014 capital program focusing on generating profitable growth by investing in five core liquids-rich resource plays. However, according to Canada's BNN TV, Canaccord is saying ECA's daily production forecast was below expectations. It also cites a lack of free cash flow potential and plans to repay a $1 billion note due May 1, 2014, for their potential "impact negative to the stock."

In other sector news,

(+) PHX, EPS of $0.68 breezes past Capital IQ consensus by $0.26 per share. Revenue rose 67% over the same quarter last year to $18.4 million, topping analyst projections by around $2.5 million.

(-) AMID, Acquires three multi-modal terminal facilities in Louisiana, Georgia and Maryland from ArcLightCapital Partners for $60 mln. The deal is seen immediately adding to distributable cash flow. Pipeline firm also plans offering of 2.4 mln shares.

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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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