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Sector Update: Energy Stocks Stumble with Steep Drop by Crude Oil

MT Newswires ·  {{timeTz}}

03:29 PM EDT, 08/03/2022 (MT Newswires) -- Energy stocks pared a portion of their midday declines this afternoon, with the NYSE Energy Sector Index falling 1.6% and the SPDR Energy Select Sector ETF (XLE) down 2.2% in late trade.

The Philadelphia Oil-Service Sector index also was posting a 2.0% retreat but the Dow Jones US Utilities Index was adding 0.4%.

West Texas Intermediate crude oil settled $3.76 lower at $90.66 per barrel, extending its losses after the Energy Information Administration said US commercial inventories grew by 4.5 million barrels during the seven days ended July 29 compared with market forecasts looking for a 1.5-million-barrel decrease last week.

North Sea Brent crude also was sliding $3.77 to $96.77 per barrel while Henry Hub natural gas futures Wednesday rose $0.56 to $8.27 per 1 million BTU.

In company news, NexTier Oilfield Solutions (NEX) dropped 5.9% after the hydraulic fracturing firm Wednesday announced its purchase of the sand hauling, wellsite storage and last-mile logistics business of privately held Continental Intermodal Group for $27 million in cash and 500,000 common shares. Separately, NexTier said it completed the $22 million sale of its coiled tubing business on August 1.

Archrock (AROC) slid 3.2% after the natural gas compression and after-market services company reported Q2 net income of $0.11 per share, nearly doubling its $0.06 per share profit during the same quarter in 2021 but still lagging the single-analyst estimate expecting a Q2 profit of $0.12 per share.

Enterprise Products Partners (EPD) slid almost 1%. The pipeline company reported Q2 net income of $0.64 per unit, up from $0.50 per share during the same quarter last year and exceeding the Capital IQ consensus forecast by $0.01 per share. Net sales increased 70% year-over-year to $16.06 billion, also topping the $11.96 billion Street view.

To the upside, Berry (BRY) was rising 1.5% this afternoon, reversing a midday decline, after the upstream energy company reported a 155% increase in Q2 revenue over year-ago levels, rising to $253.1 million and exceeding the $209.1 million analyst mean. Excluding one-time items, it earned $0.64 per share, reversing a $0.08 a year adjusted net loss during the same quarter last year but trailing the Capital IQ consensus looking for a $0.66 per share non-GAAP profit.

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