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Sector Update: Energy

Energy shares are higher in late-session trading after a wild afternoon while crude oil futures managed a positive finish. Light, sweet crude oil for September delivery finished up 0.46% to $87.04 a barrel. In late-session energy news, shares of Dril-Quip ( DRQ ) are firmly lower and now down 11.5% after the company's second quarter results missed analysts' estimates. The company reported net income of $22.2 million, or $0.55 per diluted share, compared with $28.0 million, or $0.70 per share in the same period last year. Meanwhile, shares of Exxon Mobil ( XOM ) are higher as the company said in a statement that the development of the Indonesian Banyu Urip field in the Cepu block in East Java has achieved a major milestone with the award of the first of five contracts.

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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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