Between August 18 and 25, 2017, oilfield services stock Seadrill Limited (SDRL) was the largest loser among our list of energy stocks. We derive this list from the Energy Select Sector SPDR ETF (XLE), the VanEck Vectors Oil Services ETF (OIH), the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), and the Alerian MLP ETF (AMLP). The list also includes a few US-listed, foreign-based integrated energy companies.
On August 24, SDRL declared its earnings for the quarter ended June 30. It reported a diluted net loss of $0.28 per share. Wall Street expected a loss of $0.03 per share. On the same day, SDRL stock fell 33.3%.
In the week ended August 25, upstream stocks Sanchez Energy (SN), Denbury Resources (DNR), Chesapeake Energy (CHK), and Murphy Oil (MUR) were the second-, third-, fourth-, and fifth-largest losers, respectively, among our list of energy stocks. Last week, US crude oil October futures were 1.6% down, and natural gas prices also fell 0.2%. In fact, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) was the smallest gainer among the energy sub-sector ETFs, as we discussed in Part 2 of this series.
In the next part of this series, we’ll discuss important industry updates from the energy sector.