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Sector Update: Energy

Energy shares were flat in pre-market trade Friday while crude oil futures were trading lower.

Light, sweet crude oil for April delivery was down 0.11% at $102.29 per barrel.

In other energy futures, heating oil was down 0.13% at $3.00 per gallon while natural gas was up 0.20% at $4.52 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 0.27% at $36.59. The United States Natural Gas ETF ( UNG ) was up 0.8% at $24.98.

In other energy news, Dril-Quip, Inc. ( DRQ ), which makes engineered offshore drilling and production equipment, said net income rose to $47.1 million, or $1.15 per diluted share, from $31.0 million, or $0.76 per diluted share, beating analysts' estimates by one cent, according to Capital IQ.

The company said the Q4 results for 2013 results were hit by an after-tax foreign exchange loss of $2.3 million, or $0.06 per diluted share, as compared to an after-tax foreign exchange loss of $0.7 million, or $0.02 per diluted share, a year ago.

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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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