Shares of energy companies moved higher on Friday and the week after a robust round of earnings from oil majors.
Exxon rose 3% Friday after reporting its highest-ever quarterly profit of nearly $20B, cashing in on rising oil and natural gas prices; the stock hit a fresh record high and has surged ~80% YTD.
Chevron shares ticked up 1% after the second largest U.S. oil major posted just a slight dip from the record earnings haul it set in the prior quarter.
Natural gas prices, which rose to record levels in Q3, helped both companies post strong upstream results; Chevron said its average realized sales price of natgas was $7.05/Mcf, more than doubling from a year earlier, and Exxon’s gas realizations surged 172%, helping its upstream division profits triple from a year earlier.
U.S. natural gas prices have slumped more than 40% since their August peak, finally snapping a nine-week losing streak with the front-month Nymex December contract (NG1:COM) settling +3.9% to $5.684/MMBtu.
Energy (XLE) ranked third from the bottom among the 11 S&P sectors this week, +2.7%.
Top 5 decliners in energy and natural resources during the past 5 days: (BW) -33.9%, (PEGY) -27.1%, (CLF) -17.7%, (NRGV) -16.9%, (CSTM) -16.7%, (PBR.A) -16.5%, (PBR) -16.2%, (SID) -13.6%, (NEX) -12.1%, (VALE) -11.8%.