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Sector Update: Energy

Energy stocks are narrowly lower, with the NYSE Energy Sector Index sliding about 0.2% while shares of energy companies in the S&P 500 are down less than 0.5% as a group. Crude oil for December delivery is down 86 cents at $97.34 per barrel, while November natural gas is unchanged at $3.50 per 1 million BTU.

In company news, Range Resources ( RRC ) is up 3.6% at $77.35 a share, just 7 cents off its intra-day high after late Tuesday reporting adjusted Q3 net income of $0.35 per share, up 75% compared to year-ago levels and beating the Thomson Reuters consensus by $0.05 per share.

Non-GAAP revenue rose 21% year over year to $431.21 million, also topping analyst expectations by $2.25 million. Q3 natural-gas production rose to a record 960 million cubic feet equivalent, up 21% over the same quarter last year.

In other sector news,

(+) SM, (+2.9%) Q3 earnings of $1.54 per share, ex items, beats by $0.46. Revenue climbs 61.8% year over year to $613.1 mln, topping estimates by $16.34 mln. Q3 average daily production rises to record 138,800 barrels; expects 12,800 to 13,000 barrels in Q4.

(-) XCO, (-10.3%) Q3 earnings of $0.04 per share, ex items, trail Street view by $0.07 per share. Revenue rises 16.7% over year-ago levels to $165.31 mln but still lags analyst expectations by $21.57 mln.

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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