Oil stocks rally despite Gulf trio's move to end voluntary curbs

Borr Drilling

08/06/2020 17:04

(Updates stock, oil price movements and adds analyst comment)
    ** U.S. oil and gas stocks rise even as oil prices slipped
after Saudi Arabia said an extension of output cuts would not
include additional voluntary cuts by a trio of Gulf producers
    ** Move in stocks suggests investors are discounting impact
of news to timeline for recovery of U.S. production in 2021 - RW
Baird analyst Ethan Bellamy
    ** Bellamy says investors know which companies have enough
liquidity to survive in current environment
    ** Shares of oil major Exxon Mobil  XOM.N  up 1.8%, Chevron
Corp  CVX.N  up 0.5%
    ** Producers Apache  APA.N , Diamondback  FANG.O ,
Occidental  OXY.N  climb 7%-9% while Callon  CPE.N  and QEP
Resources  QEP.N  up ~45% and ~32%, respectively 
    ** Top OFS firms Schlumberger NV  SLB.N , Helmerich and
Payne  HP.N  and TechnipFMC  FTI.N  gain between 3.7% and 5.3%
    ** U.S.-listed shares of Seadrill  SRDL.OL   SDRL.N  double
and Borr Drilling  BDRILL.OL   BORR.N  gains 54.3% 
    ** Brent crude  LCOc1  down 2.4% at $41.29 per barrel and
U.S. West Texas Intermediate (WTI) crude  CLc1  down 3% at
$38.38 a barrel  O/R 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext:
2776; Reuters Messaging:
arundhati.sarkar.thomsonreuters.com@reuters.net))