Energy stocks were trading higher this afternoon, with the NYSE Energy Sector Index rising 1.0% and the SPDR Energy Select Sector ETF (XLE) up 0.8%. The Philadelphia Oil-Service Sector index was posting a 0.6% advance but the Dow Jones US Utilities Index was slipping 0.1%.
West Texas Intermediate crude oil was rising $0.99 to $90.00 per barrel, while North Sea Brent crude also was advancing $1.06 to $95.98 per barrel. Henry Hub natural gas futures were $0.38 lower at $7.69 per 1 million BTU.
In company news, W&T Offshore (WTI) jumped out to a nearly 20% advance after reporting non-GAAP net income of $1.32 per share, improving on a $0.01 profit during the year-ago quarter and crushing the Capital IQ consensus expecting the oil and natural gas producer to earn $0.37 per share during the three months ended June 30. Revenue more than doubled, rising over 106% to $273.8 million and also topping $228.2 million Street view.
Baker Hughes (BKR) gained 1.4% after the oilfield-services firm announced its purchase of the BRUSH Group power-generation unit private-equity investors One Equity Partners, adding to its turbomachinery and decarbonization portfolio and also expanding its electrification offerings. Financial details were not disclosed.
Tetra Technologies (TTI) rose 1.1% after the oilfield-services company Monday announced new licensing agreements with KMX Technologies and Hyrec Holdings to recycle water from oil and natural gas wells for crop irrigation, groundwater recharging and other applications. Financial details were not provided.