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APA

Sector Update: Energy

Energy shares are broadly lower as crude oil futures plunge on growing economic worries and a broad equities sell-off. The September contract finished down over 5%. Light, sweet crude oil for September delivery finished down 5.8% to $86.63 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 5.66% to $33.83. The United States Natural Gas ETF ( UNG ) is down 3.43% at $9.98. In late-session energy news, Apache ( APA ) shares are down 6.7% to $110.43 after the company reported Q2 net income of $1.3 billion or $3.22 per share, excluding one-time items, up from the prior-year period's $834 million or $2.46 per share. Analysts expected the company to earn $3.09 per share, according to a poll by Thomson Reuters. Meanwhile, shares of Transocean ( RIG ) are down sharply after the company said Q2 revenue was $2.334 billion, down from $2.479 billion in the year ago quarter. EPS was $0.48, down from $2.22 per share in the year ago quarter.

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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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