Performance of the energy sector on November 1
The companies in the energy sector were mixed on November 1. The major ETFs related to the energy sector such as the United States Oil (USO) and the PowerShares DB Oil (DBO) rose 0.43% and 0.35%. The Energy Select Sector SPDR (XLE) rose 0.09%.
British Petroleum beat earnings estimates
British Petroleum (BP), the multinational oil and gas giant, beat the earnings estimates for 3Q16. After facing losses for three consecutive quarters, British Petroleum’s third quarter profit rose 35%. The cost reductions in order to adapt to the low oil price situation played a major role in boosting the earnings. Despite the supporting earnings, British Petroleum stock prices fell 2.8% and traded at $34.55 at 10:40 AM EST on November 1. Since the beginning of 2016, British Petroleum rose ~9%. On November 1, British Petroleum fell ~4.1% to $34.10.
Top five performers in the major integrated oil and gas industry
Bottom five performers in the major integrated oil and gas industry
Below are the bottom five companies in the major integrated oil and gas industry on November 1.
- Statoil ASA (STO) rose ~0.66%.
- Eni (E) fell ~1.2%.
- EQT GP Holdings LP (EQGP) fell ~1.5%.
- YPF (YPF) fell ~2.3%.
- BP PLC (BP) fell ~4.1%.
In the next part, we’ll discuss how companies in metals and mining sector performed on November 1.