U.S. withdrawal of energy stocks as oil falls below $ 60
Energy stocks fell Tuesday as Wall Street Muller oil prices below $ 60 a barrel and more difficult long-term prospects for major oil companies face pressure to replace the aging wells.
OPEC also hanging over investors' collective radar screen this week, with the oil cartel expected to prevent further cuts in production this week at a confab.
In this context, the Amex Oil Index (XOI) fell 1.3% to 919, the Amex Natural Gas Index (XNG) lost 2.2% to 405, and the Philadelphia Oil Service Index (OSXX) fell by 0.4 and 161%.
While mega-projects like Thunder Horse project in the Gulf of Mexico is helping in the production, oil majors like BP (BP) are still squeeze through the fields of ripening and cuts in capital spending, even while maintaining dividend payments.
"Above all, the need to reassure investors that the large distribution of cash are sustainable," Liam Denning writes in The Wall Street Journal Heard on the Street column on Tuesday. "That means that when it comes to replacement barrels, which can go out and find, not buy more horses Thunder."
Among energy stocks in the spotlight, Exxon Mobil (XOM) fell 1.1% to $ 68.03. The leader in the oil and gas sector is expected to hold its annual meeting Wednesday. Some shareholders are worried about moving the company to spend $ 104 billion in stock buybacks in recent years, rather than strengthen the reserves, according to a Bloomberg article on Tuesday.
Royal Dutch Shell (RDSA) Executive Director Linda Cook is off the oil on June 1 after a power struggle surrounding the retirement of chief executive Jeroen van der Veer this summer. For 29 years, an employee of the company, headed by the Cook massive natural gas business. Shares of Royal Dutch Shell fell 0.6% to $ 51.12.
Of PetroChina (PTR) shares dipped 1.2% to $ 107.13 in transactions on the New York Stock Exchange. The state oil company, management has proposed a $ 1 billion purchase of a minority stake in Singapore Petroleum Co.
Among analyst ratings, FBR updated on Tuesday, Southwestern (SWN) to overcome market perform. Shares fell 4 cents to $ 40.07.
Credit Suisse deck ratings on several energy companies through the improvement of Noble Energy (NBL) and Occidental (Oxy) to outperform from market perform downgrading EOG Resources (EOG) and Ultra Petroleum (UPL) expected from neutral.
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OPEC also hanging over investors' collective radar screen this week, with the oil cartel expected to prevent further cuts in production this week at a confab.
In this context, the Amex Oil Index (XOI) fell 1.3% to 919, the Amex Natural Gas Index (XNG) lost 2.2% to 405, and the Philadelphia Oil Service Index (OSXX) fell by 0.4 and 161%.
While mega-projects like Thunder Horse project in the Gulf of Mexico is helping in the production, oil majors like BP (BP) are still squeeze through the fields of ripening and cuts in capital spending, even while maintaining dividend payments.
"Above all, the need to reassure investors that the large distribution of cash are sustainable," Liam Denning writes in The Wall Street Journal Heard on the Street column on Tuesday. "That means that when it comes to replacement barrels, which can go out and find, not buy more horses Thunder."
Among energy stocks in the spotlight, Exxon Mobil (XOM) fell 1.1% to $ 68.03. The leader in the oil and gas sector is expected to hold its annual meeting Wednesday. Some shareholders are worried about moving the company to spend $ 104 billion in stock buybacks in recent years, rather than strengthen the reserves, according to a Bloomberg article on Tuesday.
Royal Dutch Shell (RDSA) Executive Director Linda Cook is off the oil on June 1 after a power struggle surrounding the retirement of chief executive Jeroen van der Veer this summer. For 29 years, an employee of the company, headed by the Cook massive natural gas business. Shares of Royal Dutch Shell fell 0.6% to $ 51.12.
Of PetroChina (PTR) shares dipped 1.2% to $ 107.13 in transactions on the New York Stock Exchange. The state oil company, management has proposed a $ 1 billion purchase of a minority stake in Singapore Petroleum Co.
Among analyst ratings, FBR updated on Tuesday, Southwestern (SWN) to overcome market perform. Shares fell 4 cents to $ 40.07.
Credit Suisse deck ratings on several energy companies through the improvement of Noble Energy (NBL) and Occidental (Oxy) to outperform from market perform downgrading EOG Resources (EOG) and Ultra Petroleum (UPL) expected from neutral.
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