Earnings to Move Oil & Gas ETF (XOP)

May 2, 2012 10:36 AM EDT
SPDR S&P Oil & Gas Exploration & Prod ETF (NYSE: XOP), which tracks the oil and gas exploration and production industry, opened lower today.

Although some big boys like Exxon Mobil (NYSE: XOM), ConocoPhillips (NYSE: COP) and BP (NYSE: BP) already reported results, several companies in the oil and gas sector are still set to report earnings late this week, including Pioneer Natural Resources (NYSE: PXD), SandRidge (NYSE: SD), Southwestern Energy (NYSE: SWN) and Kodiak Oil & Gas (NYSE: KOG).

Chesapeake Energy (NYSE: CHK) may have set a sour mood in the sector after the company missed estimates when they reported earnings on Tuesday. Shares of
Chesapeake are down 12.5% early Wednesday.

In addition, the price of crude is always a driving factor of the producers. Crude is lower today, with WTI futures last trading down $0.60 to $105.56.

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