On Friday, in the course of current trade, Shares of Penn West Petroleum Ltd. (NYSE:PWE) and SeaDrill Limited (NYSE:SDRL), dropped -2.38% and -4.59%, respectively.
The price of oil fell 92 cents, or 1.5percent, to $59.80 a barrel, assisting push down the stocks of drillers and other energy-related companies. Marathon Oil fell 1 percent and Hess Corp. lost 2 percent.
U.S. consumer prices rose slightly in April for the third straight month, suggesting that an improving economy could be setting the stage for the Federal Reserve to raise the benchmark short-term interest rate from the near-zero level where it has been for more than six years.
Consumer prices edged up 0.1 percent from the previous month. Core inflation, which excludes volatile food and energy prices, climbed 0.3 percent, the biggest gain in 15 months.
Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates through Floaters and Jack-up Rigs segments. The Floaters segment provides drilling, completion, and maintenance services for offshore exploration and production wells.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The company’s properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States.
Shares of Ocean Rig UDW Inc. (NASDAQ:ORIG), during its Friday’s current trading session fell -1.43%, and is now trading at $8.59.
Ocean Rig UDW, declared that it has reached a contract with its parent company, DryShips Inc. to partially exchange $40 million lent to DryShips under the $120 million Exchangeable Promissory Note for 4,444,444 shares of Ocean Rig owned by DryShips and to amend certain other terms of the Loan.
Ocean Rig UDW Inc., an offshore drilling contractor, provides oilfield services for offshore oil and gas exploration, development, and production drilling. It specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry.
Finally, CMS Energy Corp. (NYSE:CMS), gained 0.32% Friday.
Improved service is now accessible to nearly 500,000 Consumers Energy customers who have received new electric meters capable of sending text-type messages to the company through the cellular telephone network.
The new meters eliminate the need for estimated meter reads, provide online access to energy use information and will assist with power outage restoration, starting in 2016.
Businesses in the Grand Rapids area have been the first to see their larger, business-size meters upgraded with communication technology. Throughout the state, business meter upgrades will follow residential upgrades in each region.
Consumers Energy next year also will launch its improved outage administration system, using outage notifications from the new meters to more effectively respond during storms and other power outages, and to more efficiently coordinate repair efforts. Customers will also be able to choose their own billing dates.
Electric meters have been upgraded in parts of Allegan, Barry, Grand Traverse, Ionia, Kalkaska, Kent, Leelanau, Mecosta, Montcalm, Muskegon, Oceana, and Ottawa counties.
CMS Energy Corporation operates as an energy company primarily in Michigan, the United States. The company’s Electric Utility segment engages in the generation, purchase, distribution, and sale of electricity to residential, commercial, and various industrial customers in Michigan’s Lower Peninsula.
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