Energy stocks were retreating again this afternoon, with the NYSE Energy Sector Index falling 1.5% while the SPDR Energy Select Sector ETF (XLE) was down 1.9%. The Philadelphia Oil-Service Sector index was sinking 2.5% but the Dow Jones US Utilities Index was adding 0.3%.
West Texas Intermediate crude oil was sinking $2.59 to $88.07 per barrel while North Sea Brent crude also was sliding $2.89 to $93.89 per barrel. Henry Hub natural gas futures were $0.07 lower at $8.19 per 1 million BTU.
In company news, ConocoPhillips (COP) was fractionally lower, giving back a nearly 2% gain earlier Thursday that followed the energy major reporting non-GAAP net income of $3.91 per share, more than trebling its $1.27 per share adjusted profit during the June quarter last year and beating the Capital IQ consensus by $0.06 per share.
Civitas Resources (CIVI) gained 0.6% after the oil and natural gas producer reported Q2 net GAAP income of $5.48 per diluted share, reversing a year-ago net loss of $0.83 per share and exceeding the analyst estimate of a $3.94 per share profit.
Murphy Oil (MUR) rose 3.8% after the exploration and production company reported non-GAAP Q2 net income of $1.93 per diluted share, improving on an adjusted profit of $0.59 per share during the year-ago period and easily topping the Capital IQ consensus expecting $1.54 per share.
