Sector Update Energy Shares Sharply Lower; Crude Slumps More Than 4%
NYMEX Benchmark Crude September: (-4.1%) to $88.14
Top Energy Stocks
Energy shares are sharply lower in mid-day trading while crude oil futures are plunging more than 4% to trade under $88 a barrel at the New York Mercantile Exchange.
Light, sweet crude for September delivery is trading down $4.05 to $87.88 a barrel. In other energy futures, heating oil is down 2.69% to $2.93 a gallon while natural gas is down 3.91% to $3.93 per million British thermal units.
In mid-day news, DryShips ( DRYS ) is down 4.8% to $3.19 a share this morning, after the marine transportation services company announced today that its board of directors has approved the partial spin-off of its interest in the company's majority-owned subsidiary, Ocean Rig UDW Inc. DryShips currently owns 78% of the issued and outstanding common stock.
Meanwhile, shares of Transocean ( RIG ) are down sharply after the company said Q2 revenue was $2.334 billion, down from $2.479 billionbln in the year ago quarter. EPS was $0.48, down from $2.22 per share in the year ago quarter.
According to an analyst survey by FactSet, net income was expected to be $0.80 on revenue of $2.33 billion.
Transocean shares are down 6.56%, or $3.87, to $55.16.
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