Sector Update: Energy Stocks, Commodity Price Caught Up in Late Selloff

Last Updated: Friday, September 30, 2022 3:49 PM | MT Newswires

Energy stocks turned moderately lower this afternoon, with the NYSE Energy Sector Index and the SPDR Energy Select Sector ETF (XLE) both sinking 0.6%. The Philadelphia Oil-Service Sector index also was falling 0.3% andt the Dow Jones US Utilities Index was off 1.4%.

West Texas Intermediate crude oil settled $1.74 lower at $79.44 per barrel while North Sea Brent crude also was sliding $0.53 to $87.96 per barrel. Henry Hub natural gas futures fell $0.11 to $6.77 per 1 million BTU.

In company news, Oceaneering International's (OII) was slipping 1.4% late in Friday trading after saying its Marine Services Division secured a $24.1 million cost-plus-fixed-fee and cost-only modification to an existing contract with the US Navy. Work will be performed in Chesapeake, Virginia, and is scheduled for completion over the next 12 months, the company said.

Ecopetrol (EC) fell 2.2% after the Columbian energy major overnight said it drew down the entire $1.2 billion available through a credit facility with a group of international banks and will prepay more of a $3.67 billion loan coming due next August it used to fund last year's purchase of a 51.4% stake in the Interconexion Electrica hydro-electric utility. The company now owes just $472 million on the original loan package, it said.

Westport Fuel Systems (WPRT) slipped 1.1%. The alternative transportation fuels company Friday said Richard Orazietti will step down Nov. 30 as chief financial officer following the release of its Q3 financial results. William Larkin, who previously was CFO at Westport between 2010 to 2014 and more recently was finance chief at medical imaging company Akumin (AKU), will succeed Orazietti beginning next month, the company said.

To the upside, Natural Resource Partners (NRP) was rising 1.7% this afternoon after the coal producer late Thursday disclosed plans to redeem its outstanding 9.125% senior notes due 2025, paying 102.281% of their face value.

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