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Sector Update: Energy

Energy shares are higher in mid-day trading as crude oil futures add to prior-session gains to trade just under $103 a barrel at the New York Mercantile Exchange. Light, sweet crude oil for June delivery traded up 0.34% to $102.92 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.1% to $40.91. The United States Natural Gas ETF ( UNG ) is up 0.19% to $10.79. In mid-day energy news, Independent energy company, Carrizo Oil & Gas ( CRZO ) reported an increase in Q1 revenues to $44.06 million compared to Q1 2010's $38.96 million. Adjusted revenues were $52.9 million compared to the prior year's $43.9 million. Net income, however, plummeted to $0.73 million, or $0.02 per share, versus the prior-year quarter's $19.73 million, or $0.63 per share. Adjusted net income was $10.61 million, or $0.27 per share, a penny below the Thomson Reuters EPS mean of $0.28.

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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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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