With oil prices trading below $100 per barrel again, itÂs wasnÂt a pretty end for energy shares Friday.
As we noted earlier, the front-month U.S. crude futures contract closed the day at $98.56 per barrel, down $3.98, following the weak jobs report. In addition, U.S. oil inventories rose more than analysts expected last week, up 2.8 million barrels to 375.9 million barrels. More on that here.
For newly-public Phillips 66 (PSX), the refining and chemicals business spun out of ConocoPhillips (COP) it wasn’t a good week. Shares of Phillips 66 sank nearly 4% on the day to $30.16, while ConocoPhillips shares fell 2%. Delta Air Lines (DAL) bought a Phillips 66 refinery and related businesses this week, a move we said made sense given the high cost of fuel; shares of Delta were up slightly Friday, closing the week at $11.
Among other refiners: Valero (VLO) fell 2.5%, Marathon (MRO) fell 3%, Tesoro (TSO) sank 1.6%, Sunoco (SUN) was off just 0.61% and Western Refining (WNR) was down 3.3%.
The big integrated oil and gas exploration and production companies as a whole tend to have less volatility when oil prices swing, depending on how much exposure theyÂve added to natural gas. Among them, shares of ExxonMobil (XOM) were down 1%, Chevron (CVX) was down 2%, BP (BP) shares were off by 2.5% and Total (TOT) stock fell 1.8%
Oilfield services companies were hard hit: Transocean (RIG) fell 4.6%, while shares of Schlumberger (SLB)dipped 3.7% and Tesco (TESO) dropped 3.8%. Stock of driller Noble (NE) dropped nearly 6%.
Explorers Apache (APA) and Anadarko Petroleum (APC) each fell more than 3%. Southwestern Energy (SWN) tumbled, down 7%. SandRidge Energy (SD) was among the lone energy stocks in the green, up 2.4% after a positive earnings report.
