Energy Stocks Trimming Prior Gains

June 23, 2017

Energy stocks were stretching their recovery to a second day on Friday, with the NYSE Energy Sector Index rising 0.5% while shares of energy companies in the S&P 500 were up about 0.3% as a group. Crude oil for August delivery was up 18 cents at $42.92 per barrel while July natural gas futures were 3 cents higher at $2.93 per 1 million BTU.
In company news, shares of the Willbros Group (WG) rose over 10% on Friday to a session high of $2.39 a share after the pipeline and oilfield construction contractor late yesterday announced new contract awards totaling $68 million.

The company’s Oil & Gas subsidiary this month has received a pair of contract extensions while its Utility Transmission and Distribution unit also finalized multiple extensions of current master service agreements. Those awards are estimated at a combined $50 million and follow several other contract extensions of one or two years that were finalized in May and totaling another $18 million.

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By Caroline Williams

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