On Wednesday, Oil futures settled lower after a weekly U.S. government report revealed an unpredictable climb in gasoline supplies and an enhance in oil production.
August crude lost 74 cents, or 1.2%, to settle at $60.27 a barrel on the New York Mercantile Exchange following a volatile session in the wake of supply data.
Among Energy stocks, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), gained 0.42% to $9.47, on speculation that the Brazil-based state-run oil company will trim its 2015-2019 investments by 40% to $130 million, Bloomberg reports.
CEO Aldemir Bendine is looking to recover from a decade of “alleged kickbacks with plans to cut the industry’s heaviest debt load and retain an investment-grade credit rating,” Bloomberg said.
“They had a grandiose plan, which was out of sync with what’s happening with the company,” Leme Investimentos economist Joao Pedro Brugger stated.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of Halliburton Company (NYSE:HAL), declined -0.54% to $44.25, during its last trading session, as oil prices have fallen as the weekly US industry report showed domestic output still high and commercial fuel inventories generous.
Halliburton Company provides a range of services and products to the upstream oil and natural gas industry worldwide. The company operates through two segments, Completion and Production, and Drilling and Evaluation.
Finally, Valero Energy Corporation (NYSE:VLO), ended its last trade with -0.88% loss, and closed at $60.61.
Valero Energy Corporation, declared that it will host a conference call on July 30, 2015 at 11:00 a.m. ET to talk about second quarter earnings results, which will be released earlier that day, and provide an update on company operations.
Valero Energy Corporation operates as an independent petroleum refining and marketing company in the United States, Canada, the Caribbean, the United Kingdom, and Ireland. It operates through two segments, Refining and Ethanol. The Refining segment is involved in refining, wholesale marketing, product supply and distribution, and transportation operations.
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