Energy Stocks, Crude Oil Higher This Afternoon; Union Drilling Soars On Reversing Year-Ago Net Loss, Surprises Street

Top Energy Stocks

XOM +1.9%, near year highs

CVX +2.0%, near year highs

COP +2%

SLB +2.5%

OXY +3.9%

Energy stocks are higher this afternoon with the NYSE EnergySector Index climbing nearly 3.0% on positive sentiment after theLabor Department reported a surprise net increase in new job hiresduring July. The S&P Energy Index is up about 2.8% with crudeoil for September delivery up nearly 4%, climbing $3.89 to $91.01 abarrel in NYMEX trade.

In company news, Union Drilling Inc (UDRL) is ahead nearly 22% today following an upgrade of the oilfieldservices firm by BMO Capital.

The improved view follows UDRL late Wednesday reporting stellarQ2 financial results, reversing a year-ago $0.15 a share net losswith a $0.03 a share profit and crushing the analyst consensus by$0.09. Revenues also beat as the company rig utilization rateclimbed from 54.4% during the same three months last year to a78.1% pace during the period ending June 30.

In other sector news,

(+) KOG, (+7.6%) Reports 288% rise in Q2 sales over 2011 levelsto $85.2 million. Adjusted earnings were $0.10 a share, matchingStreet expectations.

(+) EOG, (+10.48%) Beats by $0.18 a share. Also beats onrevenues.

(-) SWN, (-4.2%) EPS in-line, raises FY12 output forecast to 33million barrels of oil equivalent from 32.3 million barrels. Totaloutput rises 12% in Q2.

(+) LNG, (+0.3%) Repays convertible senior unsecured notes.

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