Energy stocks were surging with sharply higher crude oil prices this afternoon, with the NYSE Energy Sector Index rising 3.5% while the SPDR Energy Select Sector ETF (XLE) was up 3.3%. The Philadelphia Oil-Service Sector index was posting a 4.4% advance but the Dow Jones US Utilities Index was slipping 0.7%.
West Texas Intermediate crude oil was rising $3.38 to $93.74 per barrel while North Sea Brent crude was advancing $3.42 to $99.90 per barrel amid worries that OPEC+ will cut production to boost prices. Henry Hub natural gas futures were flat at $9.68 per 1 million BTU.
In company news, HighPeak Energy (HPK) rose 8.9% after 1.23 million contingent value rights issued by the oil and natural gas producer as part of its August 2020 merger with a blank-check company expired overnight valued at $0.00 apiece, eliminating the potential dilution of existing HighPeak investors. The CVRs also stopped trading on the over-the-counter market, the company said.
Halliburton (HAL) gained 7.1% after Tuesday saying it selected three startup companies to join the Halliburton Labs business accelerator recently formed by the oilfield-services giant to advance clean-energy projects. The three companies – AW-Energy, RedShift Energy, and Renkube – will receive access to a broad range of industrial capabilities, technical expertise, and mentorships to scale their respective businesses, Halliburton said.
Earthstone Energy (ESTE) added 4.3% on Tuesday after a regulatory filing overnight showed Warburg Pincus has acquired 10.6% of the oil and natural gas producer’s outstanding stock through more than two dozen investment entities.
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