Sector Update: Energy Stocks Advance Late Afternoon

MT Newswires Live04:30

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 0.4% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector Index was climbing 1.5%, and the Dow Jones US Utilities Index was 0.4% lower.

Front-month West Texas Intermediate crude oil rose 1.7% to $71.26 a barrel while the global benchmark Brent crude contract advanced 1.3% to $75.16 a barrel. Henry Hub natural gas futures were slumping 6.2% to $3.13 per 1 million BTU.

In corporate news, LandBridge (LB) shares jumped past 11% after it said Friday that it has closed the acquisition of about 5,800 largely contiguous surface acres in Lea County, New Mexico, which supports existing water infrastructure in the area.

MDU Resources (MDU) shares popped 3%. The company said late Thursday it plans capital investments of $3.06 billion over the next five years, higher than capital investments in the previous five-year period beginning 2020.

UGI (UGI) shares surged 14% after it issued fiscal 2025 adjusted earnings per share guidance, with the upper end above market expectations.

Equinor (EQNR) is reducing its renewable energy unit's staff by 20%, the equivalent of nearly 250 full-time jobs, a spokesperson said. Equinor shares were shedding 0.7%.

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