Oil Prices Slide on Larger-Than-Expected Inventory Gain – Latest Updates on CHK, CVX, DVN and MRO
New York, New York – May 5th, 2016 – Oil & Gas stocks continued to stumble Tuesday as oil prices fell on a larger-than-expected rise in inventories. The SPDR S&P Oil & Gas Exploration & Production ETF (NYSEARCA: XOP) declined 2.34 percent, and is down over 10.0 percent in the past week. Crude oil futures fell by roughly 2.5 percent after rising by as much as 3.0 percent in early trading on the New York Mercantile Exchange.
Data released by the U.S. Energy Information Administration showed crude inventories increased by 2.8 million barrels to 543.4 million barrels in the week ended April 29th, roughly a million barrels above analysts' expectations. Additionally, gasoline stockpiles showed an unexpected gain of 536,000 barrels.
Here is how some Oil & Gas stocks reacted Wednesday:
Chesapeake Energy Corporation (NYSE: CHK) shares declined 2.67 percent to close at $5.64 a share Wednesday. The stock traded between $5.62 and $6.18 on volume of 26.71 million shares traded. The company is scheduled to release results for the first quarter of 2016 before market open on Thursday, May 5th. Shares of Chesapeake Energy have gained approximately 25.0 percent year-to-date and are up roughly 52.0 percent in the past month.
Find out more about Chesapeake Energy including full access to the equity report at:
Chevron Corporation (NYSE: CVX) shares declined 0.75 percent to close at $100.59 a share Wednesday. The stock traded between $100.39 and $102.30 on volume of 7.44 million shares traded. The company reported sales and other operating revenues were $23.0 billion for the first quarter of 2016, compared to $32.0 billion a year ago. Shares of Chevron have gained approximately 12.0 percent year-to-date and are up roughly 8.0 percent in the past month.
Find out more about Chevron including full access to the equity report at:
Devon Energy Corp. (NYSE: DVN) shares fell 4.37 percent to close at $31.32 a share Wednesday. The stock traded between $30.27 and $34.25 on volume of 18.02 million shares traded. The company reported a loss of $3.1 billion, or $6.44 a share, for the first quarter of 2016, compared to a loss of $3.6 billion, or $8.88 a share, a year ago. Shares of Devon Energy have fallen approximately 2.0 percent year-to-date and are up roughly 20.0 percent in the past month.
Find out more about Devon Energy including full access to the equity report at:
Marathon Oil Corporation (NYSE: MRO) shares declined 4.89 percent to close at $12.16 a share Wednesday. The stock traded between $12.09 and $13.08 on volume of 25.28 million shares traded. The company reported an adjusted net loss of $317 million, or $0.43 per diluted share, for the first quarter of 2016. Total net production averaged 388,000 net barrels of oil equivalent per day in the first quarter. Shares of Marathon Oil have fallen approximately 3.0 percent year-to-date and are up roughly 15.0 percent in the past month.
Find out more about Marathon Oil including full access to the equity report at:
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