Sector Update: Energy Stocks Sliding Despite Wednesday Rebound by Crude Oil

Last Updated: Wednesday, November 30, 2022 2:05 PM | MT Newswires

Energy stocks were drifting lower this afternoon, with the NYSE Energy Sector Index dropping 0.3% while the SPDR Energy Select Sector ETF (XLE) was down 0.7%. The Philadelphia Oil-Service Sector index was edging 0.1% higher and the Dow Jones US Utilities Index was ahead 0.2%.

West Texas Intermediate crude oil was climbing $2.16 to $80.36 per barrel while North Sea Brent crude also was advancing $2.33 to $85.36 per barrel. Henry Hub natural gas futures were $0.20 higher at $7.03 per 1 million BTU.

In company news, KNOT Offshore Partners (KNOP) plunged 20% after the shuttle tankers company reported an increase in Q3 distributable cash flow to $10.9 million during the three months ended Sept. 30 from $9.4 million during Q2 but still trailing the single-analyst estimate expecting $13.6 million in distributable cash flow for the quarter. The company said the result reflects its "heavy" drydocking program and delays in resuming offshore oil production in the North Sea and near Norway for creating an oversupply of shuttle tanker capacity and weighing on charter rates.

Eni (E) was narrowly lower, slipping less than 0.1%, following a report the Italian energy company was in preliminary talks to acquire Neptune Energy from a consortium that includes China Investment Corp., Carlyle Group (CG), and CVC Capital Partners for about $5 billion to $6 billion.

Frontline (FRO) rose 4.8% after the tanker company nearly doubled up an analyst projection for its Q3 earnings, reporting net income of $0.69 per share for the three months ended Sept. 30, reversing a $0.17-per-share net loss during the same quarter last year and sailing past the lone analyst's call for earnings of $0.35 per share.

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