Energy stocks were higher again this afternoon, with the NYSE Energy Sector Index rising 1.6% while the SPDR Energy Select Sector ETF (XLE) was up 1.9%. The Philadelphia Oil-Service Sector index was posting a 1.2% advance and the Dow Jones US Utilities Index was adding 1.0%.
West Texas Intermediate crude oil was sinking $0.50 to $90.26 per barrel while North Sea Brent crude was down $0.46 to $96.19 per barrel. Henry Hub natural gas futures were $0.16 higher at $7.75 per 1 million BTU.
In company news, Noble Corp (NE) gained 3.1% after the offshore drilling contractor reported non-GAAP Q2 net income of $0.40 per share, reversing a $0.37 per share net loss during the same quarter last year, while revenue increased nearly 26% year over year to $275 million, topping the $273 million analyst estimate.
MPLX (MPLX) climbed 2.3% after the pipeline company late Monday priced a $1 billion private placement of 4.95% senior notes due 2032 at 99.433% of par. Net proceeds will redeem all or some of its 3.5% senior notes coming due in December and its 3.375% senior notes maturing next March.
Devon Energy (DVN) rose 2.3% after Tuesday announcing plans to acquire rival oil and natural gas producer Validus Energy for $1.8 billion. Devon is expecting the deal will immediately increase all its per-share metrics and the company said it likely will boost its quarterly dividend by up to 10% after completing the transaction.
