NEW YORK, NY / ACCESSWIRE / January 23, 2017 / U.S. markets rallied Friday as Donald Trump was sworn in as President. In his inauguration speech the President stated his administration would "follow two simple rules: buy American and hire American." The Dow Jones Industrial Average gained 0.48 percent to close at 19,827.25, down 0.29 percent for the week, while the S&P 500 Index gained 0.34 percent to close at 2,271.31, down 0.15 percent for the week.

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The Energy Sector rose Friday on the strength of oil prices. The Energy Select Sector SPDR ETF increased 0.38 percent. U.S. crude rose 2.04 percent, or $1.05, to settle at $52.42 a barrel on the New York Mercantile Exchange. The global benchmark Brent crude increase 2.46 percent, or $1.33, to settle at $55.49 a barrel on ICE Futures Europe.

"The indications are at that OPEC guys are basically starting their cuts. As we really begin to get verification, the market could be further strengthened," said Gene McGillian, manager of market research for Tradition Energy. "It might play out over a couple of months, but I do think we'll have higher prices."

Schlumberger Limited (NYSE: SLB)

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Schlumberger's shares declined 0.81 percent to close at $86.49 a share Friday. The stock traded between $85.57 and $87.78 on volume of 10.37 million shares traded. The company reported a net loss of $204 million, or $0.15 per share, for the fourth quarter of 2016, compared to a loss of U$1.02 billion, or US$0.81 per share, for the fourth quarter a year ago. Revenues for the fourth quarter totaled $7,107 billion, a decrease of 8.2 percent when compared to the same quarter a year ago.

Schlumberger Chairman and CEO Paal Kibsgaard commented, "We maintain our constructive view of the oil markets, as the tightening of the supply and demand balance continued in the fourth quarter, as seen by a steady draw in OECD stocks. This trend was further strengthened by the December OPEC and non-OPEC agreements to cut production, which should, with a certain lag, accelerate inventory draws, support a further increase in oil prices, and lead to increased E&P investments."

Basic Energy Services, Inc. (NYSE: BAS)

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Basic Energy Services' shares increased 4.97 percent to close at $42.06 a share Friday. The stock traded between $40.66 and $42.95 on volume of 1.96 million shares traded. Basic provides a range of services to customers throughout the central region, home to the Haynesville shale and the Barnett shale, the second largest source of natural gas in the U.S. On December 23rd, Basic announced that the company and its affiliated chapter 11 debtors have successfully completed their prepackaged restructuring and recapitalization plan and emerged from chapter 11 bankruptcy protection and that the company has added $125 million in new capital and has reduced debt level by $775 million. Basic's new common share has started trading on NYSE with new ticker symbol "BAS" from Dec 27, 2016.

"Today marks the completion of a restructuring and recapitalization that allows the Company to move forward with a solid financial foundation from which we expect to continue to strengthen our business and grow," said Roe Patterson, Chief Executive Officer.

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