Energy stocks in the S&P 500 climbed on Thursday, driven by robust corporate earnings and a surge in refining margin benchmarks to their highest level since April 2024.
Permian Resources Corp. saw its shares rise as much as 6.7%, marking its biggest intraday gain since May, after reporting adjusted earnings per share of 37 cents, surpassing analyst expectations.
Other energy stocks also advanced on better-than-expected results, including Devon Energy (up 3.9% at peak), APA Corp. (up 9.7% at peak), and Par Pacific Holdings (up 11.1% at peak).
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