Shares of oilfield service companies declined Thursday, as crude prices fell and Cameron International Corp. offered a second-quarter profit outlook mostly below Wall Street expectations.
Crude prices fell below $111, as the dollar rose against the euro and a strike ended at a Nigeria-based Exxon Mobil Corp. facility. News of the strike last week in Nigeria, a major U.S. oil supplier, had sent the price of oil higher.
Furthermore, oil sector bellwether Exxon Mobil Corp. reported its quarterly profit rose to $10.9 billion on higher crude prices, but still missed analysts' expectations.
Cameron forecast second-quarter earnings between 60 cents and 62 cents per share, versus the 62-cent estimate expected by analysts polled by Thomson Financial.
In afternoon trading, Cameron declined $2.76, or 5.6 percent, to $46.47, and Halliburton Co. declined $1.37, or 3 percent, to $44.54. Schlumberger Ltd. fell $3.20, or 3.2 percent, to $97.35, and Baker Hughes Inc. retreated $3.57, or 4.4 percent, to $77.18.
Exxon Mobil shares lost $3.19, or 3.4 percent, to $89.88.
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