Shares of energy companies fell after weak economic data overshadowed strong earnings from oil majors.
Shares of ConocoPhillips initially gained after it said it produced a record amount of oil and gas in the second quarter, causing quarterly revenue to rise by almost 10%.
Shares fell as traders digested the implications of a slowdown in the U.S. manufacturing sector.
Anglo-Dutch oil major Shell also gave back early gains, as Wall Street analysts noted an otherwise robust earnings report was marred by slim profit margins in gas-trading and oil refining businesses.
U.S. natural gas futures give up early gains and fall below the psychologically significant $2-per-million British thermal units level, as selling across markets follows weak U.S. manufacturing and jobs data.
Exxon Mobil and Chevron were more or less flat on the week so far going into their critical earnings reports.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-01-24 1707ET
