Energy stocks recovered some of their midday losses this afternoon, with the NYSE Energy Index down 1.6% and the Energy Select Sector (XLE) SPDR ETF down 2.2% late in trading.
The Philadelphia Oil Services Index also fell 2.0%, while the Dow Jones US Utilities Index rose 0.4%.
West Texas Intermediate oil fell $3.76 to $90.66 a barrel, widening losses after the Energy Information Administration said U.S. commercial inventories rose 4.5 million barrels in the seven days to July 29 from an expected drop of 1.5 million barrels per week.
North Sea Brent crude also fell $3.77 to $96.77 a barrel, while Henry Harbor natural gas rose $0.56 to $8.27 per 1 million BTU. on Wednesday.
In company news, shares of NexTier Oilfield Solutions (NEX) fell 5.9% after it announced on Wednesday that it would acquire Continental Intermodal’s privately held sand transportation, well storage and last mile logistics businesses for $27 million in cash and $500,000 ordinary shares. On August 1, it completed the sale of its $22 million coiled tubing business.
Archrock (AROC) shares fell 3.2% after the natural gas compression and aftermarket company reported second-quarter net income of $0.11 a share, nearly double earnings of $0.06 dollars per share in the same quarter of 2021, but still behind one teacher’s forecast. expectations. Earnings per share in the second quarter was $0.12.
Enterprise Product Partners (EPDs) fell nearly 1%. The pipeline company reported second-quarter net income per unit of $0.64, up from $0.50 a share a year earlier and beating Capital IQ’s consensus estimate of $0.01 a share. Net sales rose 70% year on year to $16.06 billion, also topping Street View’s $11.96 billion.
On the other hand, Berry (BRY) shares were up 1.5% this afternoon, offsetting midday losses after the upstream energy company reported second-quarter revenue rose 155% year-over-year to 253.1 million dollars, beating the analyst average of $209.1 million. , it earned $0.64 per share, reversing a $0.08 annualized adjusted net loss in the same quarter last year, but trailing the Capital IQ consensus of $0.66 per share in non-GAAP earnings.
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