Energy Shares Fall as Earnings Reports Roll In -- Energy Roundup

Shares of energy companies fell as earnings reports for sector giants began to roll in.

The declines came even as oil futures finished higher as another major storm cut energy output in the Gulf of Mexico by roughly half, though worries that the impact on demand from the ongoing rise globally in COVID-19 cases continues to hang over the market.

BP reported a fifth-consecutive quarterly loss, providing the first glimpse of how major oil companies navigated the third quarter amid a prolonged slump in demand triggered by the coronavirus pandemic. The loss follows one of the worst second quarters ever for the sector, in which BP halved its dividend and cut jobs. BP's earnings also suffered from lower refining margins and weaker trading results.

Other major oil companies are expected to report another weak quarter. Shell is due to report its earnings on Thursday, followed by Chevron and Exxon on Friday. President Trump is considering issuing an executive order mandating an economic analysis of fracking, according to senior administration officials, who say the initiative is aimed at highlighting his support for the energy industry in election battleground states such as Pennsylvania.

 Write to Amy Pessetto at [e-mail] 

(END) Dow Jones Newswires

10-27-20 1703ET